Lagos State Governor, Babajide Sanwo-Olu, has officially signed the state’s 2025 budget of N3.366 trillion into law. The announcement was made on Thursday, January 9, by the governor’s Special Adviser on Media and Publicity, Gboyega Akosile, via a post on X (formerly Twitter).
According to Akosile, the budget is aimed at sustaining the developmental strides of the Sanwo-Olu/Hamzat administration.
“The budget size is N3.366 trillion, meant for the continuation of the great works of the Sanwo-Olu/Hamzat administration,” he wrote.
The signing follows the Lagos State House of Assembly’s approval of the budget just three days earlier, on Monday, January 6. The legislative approval came after Hon. Sa’ad Olumoh, chairman of the joint committee on appropriation and finance, presented a report on the budget.
The appropriation bill was subsequently passed through voice votes during a plenary session presided over by Speaker Mudashiru Obasa. The approved budget allocates N1.296 trillion for recurrent expenditure and N2.071 trillion for capital expenditure, with the fiscal year set to end on December 31, 2025.
After the passage of the bill, Speaker Obasa directed the Clerk of the House, Barr. Olalekan Onafeko, to transmit a clean copy of the bill to Governor Sanwo-Olu for his assent. Obasa also commended his colleagues for their diligence in scrutinizing and passing the budget.
Governor Sanwo-Olu initially presented a proposal of N3.005 trillion to the Assembly on November 21, 2024. During the presentation, he disclosed that the budget includes a deficit financing component of N408.9 billion, which will be funded through external and internal loans and bonds.
