Lagos State Unveils N3.37 Trillion ‘Budget of Sustainability’ for 2025
By DAYO ADESULU
Focus on Infrastructure, Environmental Protection & Economic Growth
Lagos, Nigeria – February 7, 2025 – The Lagos State Government has unveiled a N3.37 trillion budget for 2025, tagged the “Budget of Sustainability.” The budget prioritizes infrastructure development, environmental protection, and economic self-sustainability.
📢 Key Highlights of the 2025 Budget:
✔️ Total Budget: N3.367 trillion
✔️ Internally Generated Revenue (IGR): N2.230 trillion
✔️ Capital Receipts: N111.839 billion
✔️ Federal Transfers: N626.137 billion
🔹 80% of the Budget Funded Internally
Speaking at the budget breakdown press conference in Alausa, Ikeja, the Commissioner for Economic Planning and Budget, Mr. Ope George, emphasized that 80% of the budget will be self-financed, reducing dependency on external borrowing.
“The state has carefully chosen a self-financing option that will not translate into excessive debt for the full implementation of the budget.” – Ope George
He urged Lagos residents to support the government by paying their taxes, as the Lagos Internal Revenue Service (LIRS) is expected to contribute 63% (N1.4 trillion) of the projected IGR.
🚧 Massive Investment in Infrastructure – N1.052 Trillion Allocated
🏗️ 31.27% of the budget (N1.052 trillion) is allocated to infrastructure sustainability, covering:
✅ Road construction & rehabilitation
✅ Development of bus terminals, jetties, & bridges
✅ Expansion of the Lagos Rail Mass Transit System
✅ New housing units & digital infrastructure
“Our focus remains on maintaining, upgrading, and expanding existing road networks and infrastructure, in line with our vision for a truly 21st-century megacity.” – Ope George
🚆 Lagosians can expect improved public transportation, better roads, and enhanced connectivity across the state’s five divisions.
🌍 Environmental Protection Takes Center Stage – N287 Billion Allocated
The Lagos State Government has earmarked N287.241 billion (8.5% of the budget) for environmental sustainability projects.
♻️ Key Environmental Initiatives Include:
🌱 Drainage infrastructure development
🔥 Waste-to-energy projects
🏞️ Creation of recreational spaces
“The implementation of waste-to-energy projects, collaboration with the private sector on waste management, and the transformation of public spaces into secure recreational areas remain key priorities.” – Ope George
This aligns with Lagos State’s commitment to tackling waste management challenges, reducing carbon emissions, and promoting green urban development.
💰 Debt Management & Creative Financing Strategies
Addressing concerns about borrowing, the Commissioner for Finance, Mr. Abayomi Oluyomi, reassured Lagosians that:
🔹 Only 10% of the budget relies on borrowing
🔹 The government is exploring creative financing options
🔹 Efforts are ongoing to improve the business environment to attract more investments
📢 Lagos State’s Vision for a Sustainable Future
Describing the 2025 budget as a roadmap for long-term sustainability, George emphasized that it is designed to:
✅ Ensure economic stability
✅ Promote environmental stewardship
✅ Advance social equity
“This budget is more than just a fiscal document. It is structured to ensure **Lagos continues to thrive sustainably for generations to come.” – Ope George
📢 What’s Next?
🔹 Government agencies will begin full-scale implementation of projects outlined in the budget.
🔹 Lagos residents are encouraged to support revenue generation efforts by paying their taxes.
🔹 More updates will follow on major infrastructure projects and environmental initiatives.
📌 Do you think this budget will transform Lagos? Drop your thoughts in the comments! 👇
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