Lagos State Governor, Babajide Sanwo-Olu, has signed a budget of N3.366 trillion into law for the 2025 fiscal year.
Sanwo-Olu’s Special Adviser on Media and Publicity, Gboyega Akosile, disclosed this on X on Thursday, Jan. 9.
He wrote: “The budget size is N3.366 trillion meant for the continuation of the great works of the Sanwo-Olu/Hamzat administration.”
This comes three days after the budget was passed by the Lagos State House of Assembly.
The house on Monday, Jan. 6, passed the appropriation bill following the presentation of a report on the budget by the chairman of the joint committee on appropriation and finance, Hon. Sa’ad Olumoh, and the subsequent voice votes by lawmakers at a sitting presided over by the Speaker, Mudashiru Obasa.
The approved budget is made of N1,295,630,197,452 as recurrent expenditure while N2,071,185,026,692 is earmarked as capital expenditure for the year ending December 31, 2025.
Obasa, thereafter, directed the Clerk of the House, Barr. Olalekan Onafeko, to transmit a clean copy of the passed bill to Governor Babajide Sanwo-Olu for assent.
The Speaker commended his colleagues for their “painstaking efforts leading to the passage of the budget.”
Sanwo-Olu had on November 21, 2024, presented a proposal of N3.005 trillion to the House for approval.
The governor, during the presentation, told the lawmakers that the budget has a deficit financing of N408,902 billion adding that the deficit would be financed from external and internal loans and bonds.
