By Amofokhai Williams
Lagos State Governor, Mr. Babajide Sanwo-Olu, has signed the 2025 Appropriation Bill, dubbed the “Budget of Sustainability,” into law.
The historic N3.366 trillion budget, which promises to drive the next phase of development in the state, was signed on Thursday at the Lagos House in Ikeja.
The ceremony was attended by key officials, including his deputy, Dr. Obafemi Hazmat, Secretary to the State Government, Barr (Mrs.) Bimbola Salu-Hudeyin, and members of the Lagos State House of Assembly, led by Hon. Sa’ad Olumoh.
In his address following the signing, Governor Sanwo-Olu outlined that the budget focuses on five critical pillars: Infrastructure Sustainability, Economic Diversification, Social Inclusion and Human Capital Development, Environmental Sustainability, and Governance and Institutional Reforms.
“This budget represents another step toward our vision of a Greater Lagos,” Governor Sanwo-Olu stated. “It is built on the successes of the past and designed to create a lasting impact for Lagosians and Nigerians alike. As I noted in my budget presentation, the focus is on building an infrastructure-driven economy while advancing social inclusion and environmental sustainability.”
The Governor called for continued collaboration between the Executive and the Legislature, emphasizing the need for effective oversight to ensure optimal use of the state’s resources. “We are committed to delivering governance that respects and responds to the needs of our people,” he added.
Governor Sanwo-Olu also commended the Speaker of the Lagos State House of Assembly, Rt. Hon. Mudashiru Obasa, and other members of the House for their support in passing the budget, noting that the dedication of all stakeholders would ensure the continued success of the state’s development agenda.
Hon. Sa’ad Olumoh, Chairman of the House of Assembly Joint Committee on Appropriation and Finance, hailed the budget as a reflection of Governor Sanwo-Olu’s commitment to the development of Lagos State.
He celebrated the achievement of the Lagos Internal Revenue Service, which surpassed N1 trillion in Internally Generated Revenue, and reaffirmed the Legislature’s commitment to working with the Executive to ensure continued progress.
Lagos State Commissioner for Economic Planning and Budget, Mr. Ope George, also highlighted that the 2025 budget is the largest in the state’s history, further solidifying Lagos’s status as the first sub-national government in Nigeria to pass such a monumental budget.
He emphasized that the budget prioritizes infrastructure, with 62% allocated to capital expenditure and 38% to recurrent spending.
“This historic budget underscores our commitment to fostering long-term economic growth and ensuring the well-being of Lagosians,” George remarked. “It reflects our focus on infrastructural development, fiscal sustainability, and accountability.”
The budget, approved by the Lagos State House of Assembly on Monday, incorporates an additional N360.88 billion into the initial proposal, with N1.3 trillion allocated for recurrent expenditure and N2.07 trillion for capital projects. The financial year will conclude on December 31, 2025.
