By DAYO ADESULU
Lagos, Nigeria – Governor Babajide Sanwo-Olu is set to present the Lagos State 2025 Appropriation Bill, anticipated to exceed the N2.267 trillion budget of 2024, to the Lagos State House of Assembly today, Thursday, November 21, 2024.
The budget, themed “Budget of Sustainability,” is designed to focus on continuity, resilience, and prosperity for Lagosians. It will prioritize infrastructure development, economic diversification, and institutional reforms, according to the State Commissioner for Information and Strategy, Gbenga Omotoso.
Highlights of the 2025 Budget Presentation
Ambitious Spending Plan
The 2025 budget is expected to reflect a significant increase from the N2.267 trillion allocation of the previous year. While the exact figure has not been disclosed, sources suggest it will surpass N2.3 trillion, continuing the trend of bold fiscal planning in the state.
Omotoso stated, “Mr. Governor is expected to present an ambitious budget above the N2.3 trillion approved for Y2024.”
Focus Areas of the 2025 Budget
The budget aligns with Governor Sanwo-Olu’s THEMES+ agenda and is structured around five strategic pillars:
- Infrastructure Sustainability: Continued investment in road networks, bridges, and transportation systems.
- Economic Diversification: Enhancing growth in non-oil sectors, including technology and tourism.
- Institutional Reforms: Strengthening governance and improving service delivery across ministries.
- Public Safety and Security: Increasing resources for law enforcement and disaster management.
- Environmental Management: Focus on sustainability and urban resilience.
Recap of the 2024 Budget
Sanwo-Olu signed the 2024 Budget of Renewal into law on January 18, 2024, allocating N1.315 trillion (58%) for capital projects and N952.4 billion (42%) for recurrent expenditure.
Key highlights included:
- Increased spending on infrastructure, education, technology, and public safety.
- A N21.74 billion adjustment approved by the Assembly to fund critical infrastructure and legislative priorities.
Sanwo-Olu had emphasized the budget’s role in driving economic growth and improving residents’ quality of life. He pledged transparency and accountability in its implementation.
Governor’s Vision for 2025
Governor Sanwo-Olu has reiterated his administration’s commitment to achieving the objectives set out in the new budget. Speaking about the significance of effective budget implementation, he stated:
“This budget will not only advance economic growth and sustainability but also transform the lives of Lagos residents and businesses. We remain committed to completing ongoing projects and delivering a Greater Lagos for all.”
He called for citizen cooperation, underscoring the shared responsibility required for successful execution, and promised that the benefits would reach the greatest number of residents.
Legislative Support
The Lagos State House of Assembly is expected to review and pass the bill promptly, ensuring alignment with the state’s overarching developmental goals.
As the largest subnational economy in Nigeria, Lagos State continues to set the pace in governance, fiscal discipline, and transformative development.
-
-
-
-
