Governor Babajide Sanwo-Olu of Lagos has presented the N3,01 trillion budget to the Lagos State House of Assembly for 2025.
The budget tagged “The Budget of Sustainability” was presented on Thursday.
“This budget comprises a total revenue of N2,597,034,000,000 and a deficit financing of about N408,002,000,000.
“The total revenue comprises internal revenue at N1,107,897,000,000 and a total tax cut of N660,137,000,000.
“We have proposed a recurrent expenditure of N1,239,818,000,000.
“The total overhead cost is N722.586 billion, as follows: overhead: N432.580 billion, subventions: N139.728 billion, dedicated funds: N150.278 billion, total personnel cost: N392.000 billion, recurrent debt charges: N125.232 billion,” he said.
Sanwo-Olu further gave figures for capital expenditure.
“For capital expenditure, we propose a total figure of N1. 77 trillion, as follows: capital expenditure: N1.45 trillion,
“Repayments: N313.52 billion,” he said.
The governor highlighted sectoral allocation to include economic affairs – N908.7 billion, environment – N233.18 billion, health – N204.01 billion, education – N208.38 billion, and security, Safety and Public Order – N124.10 billion.
Sanwo-Olu said that N47.078 billion was allocated to social protection.
The governor said that the budget would focus on five pillars – infrastructure sustainability, economic diversification, social inclusion and human capital development, environmental sustainability, and governance and institutional reforms.
Infrastructure sustainability is the backbone of any development agenda.
A greater Lagos ambition will emerge on the back of high-quality infrastructure that keeps pace with growing population.
Our focus, therefore, is on ensuring the durability, the functionality and the adaptability of our fiscal assets to meet the ever-growing demands of our people.
“In the coming three-year period, we will be prioritising the maintenance, upgrading, and expansion of the existing road network,” he said.
On economic development, he said that Lagos State would reduce reliance on a single sector to be able to secure a resilient economy.
The Speaker of the assembly, Mudashiru Obasa, reiterated the assembly’s support for the Sanwo-Olu-led administration.
He said that the assembly would reconvene on Nov. 29 to look into the budget proposal.
Lagos State budgeted 2.27 trillion for 2024.
The 2023 budget for the state was N1.77 trillion.