Governor Babajide Sanwo-Olu on Thursday presented a budget proposal of over ₦3 trillion to the Lagos State House of Assembly for the 2025 fiscal year.

The Governor presented a budget of ₦3,005,935,198,401 to the State House of Assembly presided over by the Speaker, Mudashiru Obasa.

Governor Sanwo-Olu themed the budget a ‘Budget of Sustainability’ for continuity, resilience and prosperity for Lagosians.

The budget is structured around five key pillars, including Infrastructure, Sustainability, Economic, Diversification, and Institutional Reforms.

The Deputy Governor, Femi Hamzat,  among other dignitaries, were in attendance during the budget presentation.

The budget comprises a total revenue of ₦2,597,034,000,000 and deficit financing of ₦408,902,000,000.

Governor Sanwo-Olu explained that a total of ₦1.239trn (41%) of the 2025 budget is for recurrent expenditure, comprising total overhead, total personnel cost and recurrent debt service, while a sum of ₦1.766trn (59%) was proposed for capital expenditure.

A further breakdown by the Governor based on sectoral allocation shows economic affairs had a sum of ₦908.699bn for it; environment, ₦233.176bn; health, ₦204.005bn; education, ₦208.376bn; security, safety and public order, ₦124.073bn and social protection – ₦47.077bn.

In the words of the Governor during the presentation, he said: “Mr. Speaker, it is now my pleasure to present to you today the Y2025 Budget proposal, tagged ‘Budget of Sustainability.’

“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.”