Sanwo-Olu signs historic N3.366trn ‘Budget of Sustainability’ into law
By Adeola Ogunrinde
Lagos State Governor, Mr. Babajide Sanwo-Olu, on Thursday signed the 2025 Appropriation Bill, tagged the “Budget of Sustainability,” into law.
The N3.366 trillion budget aims to build on past achievements and scale up development initiatives for the future, with a strong focus on infrastructure, economic diversification, and human capital development.
The signing ceremony took place at the Lagos House, Ikeja, in the presence of top government officials, including Deputy Governor Dr. Obafemi Hamzat, Secretary to the State Government Barr. (Mrs.) Bimbola Salu-Hundeyin, and members of the Lagos State House of Assembly led by the Chairman of the Joint Committee on Appropriation and Finance, Hon. Sa’ad Olumoh.
In his remarks, Governor Sanwo-Olu described the budget as a roadmap for a “Greater Lagos” and emphasized its alignment with the administration’s five strategic pillars: Infrastructure Sustainability, Economic Diversification, Social Inclusion and Human Capital Development, Environmental Sustainability, and Governance and Institutional Reforms.
“This budget represents another opportunity to advance our vision for Lagos and Nigeria. It reflects our resolve to build on the gains of the past while scaling up our impact for the future,” Sanwo-Olu stated.
He called on residents to support his administration’s efforts in deploying resources effectively and urged collaboration between the executive and legislative arms of government to ensure robust implementation.
Sanwo-Olu also charged civil servants and other stakeholders to deliver exemplary execution of the budget, which allocates 62% to capital projects and 38% to recurrent expenditure.
The financial plan is supported by an ambitious revenue framework, projecting N2.342 trillion from internally generated revenue (IGR) and N626.137 billion from federal allocations, with a deficit of N398.662 billion.
Hon. Sa’ad Olumoh, Chairman of the House Committee on Appropriation and Finance, lauded the governor’s leadership and highlighted the success of the THEMES+ agenda, which has made Lagos a leader in governance and economic growth.
“Lagos is a trailblazer in Nigeria, with the Lagos Internal Revenue Service crossing the N1 trillion mark in IGR during the governor’s first term,” Olumoh said.
He reaffirmed the Assembly’s commitment to working closely with the executive to sustain development across the state.
Similarly, Lagos State Commissioner for Economic Planning and Budget, Mr. Ope George, praised the budget’s historic size and strategic focus.
“This is the largest budget ever passed by a sub-national government in Nigeria. It underscores our commitment to infrastructure, economic growth, and the welfare of Lagosians,” George stated.
The budget allocates N2.07 trillion to capital projects and N1.3 trillion to recurrent expenditure, emphasizing infrastructure development and social inclusion. It also incorporates provisions for economic sustainability, including innovative and accountable revenue-generation strategies.
The Lagos State House of Assembly had earlier approved the N3.366 trillion budget, which included an additional N360.88 billion over the governor’s initial proposal of N3.005 trillion. The financial year will end on December 31, 2025.
Governor Sanwo-Olu concluded the ceremony by expressing gratitude to the Speaker of the Lagos State House of Assembly, Rt. Hon. Mudashiru Obasa, state lawmakers, and civil servants for their contributions to the budget process.
