Lagos State Governor Babajide Sanwo-Olu has signed the 2025 appropriation bill into law.
The budget, totaling N3.37 trillion, was approved by the Lagos State House of Assembly on Monday and officially signed on Thursday.
The budget allocates N1.30 trillion to recurrent expenditure and N2.07 trillion to capital expenditure for the year ending December 31, 2025.
The governor had initially proposed N3.005 trillion to the House of Assembly on November 21, highlighting a deficit of N408.9 billion. The deficit will be funded through a mix of external and internal loans as well as bonds.
The House of Assembly approved the budget following a report by Hon. Sa’ad Olumoh, chairman of the joint committee on appropriation and finance. Speaker Mudashiru Obasa presided over the session, where lawmakers gave their unanimous approval through a voice vote.
Governor Sanwo-Olu expressed confidence in the budget’s ability to drive development in Lagos State.
“We are confident that with strategic financing, this budget will allow us to continue advancing the state’s developmental goals,” he said during the budget presentation in November.
The governor emphasized that the budget reflects the government’s commitment to meeting the needs of Lagosians and sustaining the state’s growth.
