The Lagos State House of Assembly has approved a N3.37 trillion budget for the year 2025 during a plenary session. The budget includes N1.3 trillion for recurrent expenditure and N2.07 trillion for capital expenditure, set to end on December 31, 2025.
Hon. Sa’ad Olumoh, Chairman of the Joint Committee on Appropriation and Finance, presented the budget report, which was passed following a voice vote by lawmakers under the leadership of Speaker Mudashiru Obasa.
“The passage of this budget reflects the commitment of the Lagos State House of Assembly to ensuring continued growth and development in the state,” said Olumoh, following the approval. Obasa commended the Assembly members for their collaborative efforts in ensuring the swift passage of the budget.
Governor Babajide Sanwo-Olu had previously presented a budget proposal of N3.005 trillion on November 21, including a deficit of N408.9 billion, which will be financed through loans and bonds. “We are confident that with strategic financing, this budget will allow us to continue advancing the state’s developmental goals,” Sanwo-Olu stated.
Additionally, the Assembly passed a bill to consolidate all laws relating to local government administration in Lagos, aligning with national legislative changes that impact the state’s local governments.
