Sanwo-Olu presents N3tn 2025 budget to Lagos Assembly

The Lagos State Governor, Babajide Sanwo-Olu, on Thursday presented the N3,005,935,198,401 2025 budget proposal to the state House of Assembly.

The Speaker of the House, Mudashiru Obasa presided over the presentation of the appropriation bill.

The bill tagged: “Budget of Sustainability’, comprised a total revenue of N2,597,034,000,000 and Deficit Financing of N408,902,000,000.

The governor said his administration had proposed the sum of N1.23 trillion (41%) for recurrent expenditure, comprising total overhead, total personnel cost and recurrent debt service and the sum of N1.76 trillion (59%) as capital expenditure.

A breakdown of the budget shows that N1.7 trillion was proposed for the Capital budget.

Whereas, N1.2 trillion was set aside in the budget before the lawmakers for the recurrent budget in the coming year.

Giving sectoral allocation of the proposed budget, Sanwo-Olu said economic affairs had a sum of N908.699bn for it; environment, N233.176bn; health, N204.005bn; education, N208.376bn; security, safety and public order, N124.073bn and social protection – N47.077bn.

Presenting the budget, the governor said: “Mr. Speaker, it is now my pleasure to present to you today the Y2025 Budget proposal, tagged ‘Budget of Sustainability.’

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“The Year 2025 Budget as proposed has a total budget size of N3,005,935,198,401, comprising a total revenue of N2,597,034,000,000 and deficit financing of N408,902,000,000.

“Total Revenue comprises our Internally Generated Revenue (IGR) of N1,970,897,000,000, and total federal transfers of N626,137,000,000).

“We equally propose a recurrent expenditure of N1,239,818,000,000 comprising total overhead, total personnel cost and recurrent debt service, as follows:

“Total Overhead Cost: N722.586 billion, as follows: Overhead: N432.580 billion, Subventions: N139.728 billion, Dedicated Funds: N150.278 billion, Total Personnel Cost: N392.000 billion, Recurrent Debt Charges: N125.232 billion

“For Capital Expenditure, we propose a total figure of N1.766,117 trillion, as follows: Capital expenditure: N1.452 trillion naira, Repayments: N313.515 Billion Naira.

“Mr. Speaker, Honorable Members of this esteemed House, I hereby present highlights of sectoral allocation in the budget: Economic Affairs – 908.699 billion naira.

“Environment – 233.176 billion naira, Health – 204.005 billion naira, Education – 208.376 billion naira, Security, Safety and Public Order – 124.073 billion naira, Social Protection – 47.077 billion naira

“Mr. Speaker, as you will notice, the budget size is made up of recurrent expenditure of N1.239 Trillion (41%) and capital expenditure of N1.766 Trillion (59%). The deficit financing, which is within our fiscal sustainability parameters, shall consist of external and internal loans and bonds.”

The budget proposal now awaits deliberation and approval by the State Assembly.

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