The Lagos State Governor, Babajide Sanwo-Olu on thursday signed the state’s N3.366 trillion 2025 Appropriation Bill into law. The bill, dubbed the “Budget of Sustainability,” reflects a 32.5% increase from the N2.3 trillion budget of 2024.
The signing ceremony which took place on Thursday at the Lagos House, Ikeja, was witnessed by key officials in attendance, including Deputy Governor Dr. Obafemi Hamzat, Secretary to the State Government Abimbola Salu-Hundeyin, and other top government functionaries.
Governor Sanwo-Olu described the budget as the largest ever by a sub-national government in Nigeria. He emphasized that the most critical phase would be its effective implementation over the next 12 months to sustain ongoing development initiatives.
“It is with a deep sense of responsibility that we have signed this bill into law. The N3.36 trillion budget has N1.295 trillion earmarked as overhead costs and N2.07 trillion as capital expenditure. As you have heard, it will be the largest sub-national budget, and we are convinced that we will do justice to it. At the minimum, we aim to implement 90 to 95 percent,”
Sanwo-olu added that “On November 21, 2024, I stood before the Lagos State House of Assembly to present the appropriation bill, a blueprint for continuity, resilience, and sustainability. I thank the Lagos State House of Assembly for giving this bill expedited action.
“We believe in the spirit of unity and collective support that we have always shared as the Centre of Excellence. On behalf of the state, I would like to express appreciation to the Speaker of the Assembly, Mr. Mudashiru Obasa, and all the members,” the governor said.
The budget allocates N1.29 trillion to recurrent expenditure and N2.07 trillion to capital projects, with a clear focus on infrastructure, education, healthcare, and security.
The Lagos State House of Assembly had passed the bill on Monday after a report by Hon. Sa’ad Olumoh, Chairman of the Joint Committee on Appropriation and Finance. Speaker Mudashiru Obasa, who presided over the session, directed the Clerk of the House, Barr. Olalekan Onafeko, to forward the approved document to the governor for assent.
The Special Adviser to the Governor on Media and Publicity, Gboyega Akosile, confirmed the signing via his X handle, describing the budget as a continuation of the administration’s developmental strides.
