Lagos Assembly Approves N3.4trn Budget for 2025

The Lagos State Assembly has passed a N3.4 trillion budget for the year 2025, focusing on infrastructure, healthcare, and education to foster development in the state.

On Monday, the Lagos State House of Assembly sanctioned a total budget for 2025 amounting to N3,366,815,224,144.

The approval came after the chairman of the joint committee on appropriation and finance, Hon. Sa’ad Olumoh, presented a report on the budget. This was followed by voice votes from lawmakers during a session led by Speaker Rt. Hon. Mudashiru Obasa.

The sanctioned budget allocates N1,295,630,197,452 for recurrent expenses and N2,071,185,026,692 for capital expenditures up until December 31st of the year 2025.

Subsequently, Obasa instructed the Clerk of the House, Barr. Olalekan Onafeko, to send a finalized version of the approved bill to Governor Babajide Sanwo-Olu for his assent.

The Speaker praised his colleagues for their diligent efforts that led to the passing of the budget.

It should be noted that on November 21, Governor Sanwo-Olu submitted a proposal of N3.005 trillion to the House for approval.

During the presentation, the governor informed the lawmakers that there is a budget deficit of N408.902 billion. He added that this shortfall would be addressed through external and internal loans as well as bonds.

At the same time, during Monday’s plenary session, the House passed a bill aimed at consolidating all laws related to local government administration in Lagos State.

The bill also includes provisions stemming from constitutional amendments and modifications by the National Assembly that have a direct impact on local governments in Lagos State.