Mr Babajide Sanwo-Olu, the Lagos State governor is set to present the appropriation bill for the year 2025 to the State House of Assembly, expected to surpass the present budget on Thursday (today).
The budget size, described as ambitious, according to a source is expected to be above the N 2.267 trillion of 2024.
The State Commissioner for Information and Strategy, Gbenga Omotoso, who disclosed this in a statement did not add the exact figure to be presented.
According to Omotoso, “Governor Babajide Olusola Sanwo-Olu will present the Y2025 Appropriation Bill to the Lagos State House of Assembly on Thursday, November 21, at noon.
Budget structure
“The budget, themed Budget of Sustainability,” is a blueprint for continuity, resilience and prosperity for Lagosians.
“It is structured around five key pillars, including Infrastructure Sustainability, Economic Diversification, and Institutional Reforms.
“Mr. Governor is expected to present an ambitious budget above the N2.3 trillion approved for Y2024.”
Recall that Governor Sanwo-Olu, had on January 18, 2024, signed the N2.267 trillion 2024 Appropriation Bill of Lagos State into law, ushering in a new expenditure cycle.
The governor, at a ceremony held in the State House, Alausa, assented to the “Budget of Renewal” days after the House of Assembly passed the proposed expenditure bill and transmitted it to the executive arm for approval.
The State Government is prioritising spending on infrastructure, environment, education and technology, just as it significantly raised allocation to security and public safety.
Of the total budget, N1.315 trillion, representing 58 per cent, was allocated for capital expenditure, while the recurrent spending gulped N952.4 billion, which represented 42 per cent of the budget.