By Abiola Olawale
Governor Babajide Sanwo-Olu of Lagos State has signed a budget of ₦3.366 trillion for the 2025 fiscal year into law.
The Governor, who declared that the 2025 budget would be tagged as the ‘Budget of Sustainability’, added that it would address infrastructure, economic diversification, and other critical sectors in the state.
The budget breakdown includes N1.295 trillion for recurrent expenditure, covering overheads, personnel costs, and debt servicing, and N2.071 trillion for capital expenditure, emphasizing development projects.
The budget’s framework is built around five pillars: infrastructure sustainability, economic diversification, social inclusion, human capital development, environmental sustainability, governance, and institutional reforms. The state plans to finance a deficit of N408.9 billion through external and internal loans and bonds.
The New Diplomat reports that the signing ceremony took place at Lagos House, Alausa, Ikeja, Lagos State.
During the event, Sanwo-Olu reiterated his commitment to delivering governance that is both respectful and responsive to the needs of the people.
