Lagos State governor, Babajide Sanwo-Olu, on Thursday, presented an ambitious budget proposal of N3.005 trillion to the State House of Assembly for approval for the 2025 fiscal year.
The 2025 Budget proposal, is tagged “Budget of Sustainability.”
While addressing the Assembly, Sanwo-Olu explained that the budget comprised a total revenue of N2,597,034,000,000 and deficit financing of N408,902,000,000.
He detailed that the total revenue included N1,970,897,000,000 in Internally Generated Revenue (IGR) and N626,137,000,000 in federal transfers.
The Governor proposed a recurrent expenditure of N1,239,818,000,000, which covered total overheads, personnel costs, and recurrent debt servicing.
The allocations were as follows:
- Total Overhead Costs: N722.586 billion
- Overheads: N432.580 billion
- Subventions: N139.728 billion
- Dedicated Funds: N150.278 billion
- Personnel Costs: N392 billion
- Recurrent Debt Charges: N125.232 billion
For capital expenditure, the proposed amount stood at N1.766 trillion, broken down as:
- Capital Expenditure: N1.452 trillion
- Repayments: N313.515 billion
Sanwo-Olu also outlined the sectoral allocations within the budget:
- Economic Affairs: N908.699 billion
- Environment: N233.176 billion
- Health: N204.005 billion
- Education: N208.376 billion
- Security, Safety, and Public Order: N124.073 billion
- Social Protection: N47.077 billion
He highlighted that 41% of the budget was allocated to recurrent expenditure, while 59% was designated for capital projects.
The governor reassured the Assembly that deficit financing, which adhered to fiscal sustainability parameters, would be sourced through external and internal loans and bonds.
“The progress of a megacity like ours depends on the collaboration between the public and private sectors. To this end, we will remain committed to leveraging public-private partnerships to deliver infrastructure, enhance social services, and turn challenges into opportunities despite limited resources,” Sanwo-Olu stated.
Sanwo-Olu urged everyone to keep supporting his administration by upholding the law, paying taxes in full and on time, staying vigilant, and sharing valuable information that would enhance the collective safety and security.