Lagos State Governor, Mr Babajide Sanwo-Olu, has officially signed the state’s N3.366 trillion 2025 Appropriation Bill into law, marking a significant milestone for the state’s fiscal plans for the year.
Dubbed the “Budget of Sustainability,” the new budget represents a 32.5% increase from the previous year’s N2.3 trillion allocation, reflecting a stronger commitment to development and economic growth.
The 2025 budget is split into two main components: N1.239 trillion for recurrent expenditure, accounting for 41% of the total budget, and a substantial N1.766 trillion allocated for capital expenditure, which constitutes 59% of the budget.
This allocation emphasises the state’s focus on infrastructure, development projects, and long-term sustainability.
The signing of the budget was disclosed in a video shared via the X handle of the Senior Special Assistant on New Media to the Lagos State Governor, Jubril Gawat, on Thursday, 9th of January 2025.
The caption reads:
“Governor of Lagos State, Mr #jidesanwoolu today signed the Year 2025 Appropriation Bill into Law, today at the Conference Room, Lagos House Ikeja. Budget christened: “BUDGET OF SUSTAINABILITY”
“TOTAL BUDGET SIZE: 3,366,815trn, CAPITAL EXPENDITURE: 2,071,185T (68%), RECURRENT EXPERIENCE: 1,295,630T (38%).” [CONTINUE READING HERE]>>>>>
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