Lagos State Governor Babajide Sanwo-Olu has signed the state’s N3.366 trillion 2025 Appropriation Bill, dubbed the “Budget of Sustainability,” into law. The budget represents a 32.5% increase from last year’s N2.3 trillion allocation, making it the largest sub-national budget in Nigeria’s history.
The signing ceremony, held at Lagos House, Ikeja, was attended by Deputy Governor Dr. Obafemi Hamzat, Secretary to the State Government Abimbola Salu-Hundeyin, and other top officials.
Focus on Sustainability and Growth
Governor Sanwo-Olu highlighted the budget’s focus on achieving a "Greater Lagos," emphasizing infrastructure development, economic diversification, social inclusion, environmental sustainability, and governance reforms.
“With N1.295 trillion for overhead costs and N2.07 trillion for capital expenditure, this budget is a bold statement of our commitment to high-quality infrastructure that meets the demands of our growing population,” Sanwo-Olu said.
He pledged to implement at least 90% of the budget, stating, “Our fiscal assets will be durable, functional, and adaptable to the needs of Lagosians.”
Key Allocations
The 2025 budget allocates:
- 62% to capital expenditure and 38% to recurrent expenditure
- N223.3 billion for education to nurture a skilled workforce
- N222.2 billion for healthcare to deliver world-class services
- N287.2 billion for environmental sustainability, supporting Lagos’s climate action leadership
- N140.9 billion for security and N37.3 billion for social protection
Revenue Generation and Deficit Management
The state projects internally generated revenue (IGR) of N2.34 trillion and federal allocations of N626.13 billion, with a deficit financing plan of N398.662 billion to ensure financial prudence.
Assembly's Commitment
Saheed Olumo, Chairman of the Lagos State House of Assembly Committee on Appropriation, assured the Assembly’s support for the administration’s efforts to deliver democratic dividends.
Driving Lagos’s Ambition
The budget prioritizes:
- Infrastructure sustainability: Expansion and maintenance of road networks over the next three years
- Economic diversification: Strengthening multiple sectors to create a resilient economy
- Environmental leadership: Continuing climate action through dedicated initiatives
This ambitious budget reaffirms Lagos State’s position as Nigeria’s economic hub, charting a path toward sustainable growth and development.
