The Lagos State N3.366 trillion 2025 appropriation bill, signed into law by Governor Babajide Sanwo-Olu on Thursday, has once again shown that the Centre of Excellence continues to prove its worth and mettle as a pacesetter for the rest of the federating units.
Just like the previous year, the 2025 Appropriation Bill represents a 32.5 per cent increase over the last year’s budget, totalling N2.3 trillion. Thus, the 2025 budget is not just a fiscal document but a blueprint for continuity, resilience, and shared prosperity for every Lagosian. As a key economic hub, Lagos stands at a crossroads: a nexus of challenges that test its resolve and opportunities that call for bold action.
In the last five-and-half years, the state government has changed the paradigm not only in budgeting but in its implementation in the country. The state has effectively monitored budget implementation and has consistently delivered a budget performance in excess of 70 per cent. It has been the policy of the government to embark on periodic budget reviews.
Repeated monitoring, critical examination, and diligent application of the process have impacted positively on budget performance in the state. The idea of periodic budget assessment speaks volumes of the pro-activeness of the government as it affords it a scientific basis for measuring its performance in a consistent manner while putting pressure on government departments and agencies to meet budgetary targets.
While giving his assent to the bill appropriately tagged, ‘Budget of Sustainability’, the Governor, who spoke at the Lagos House, Alausa, Ikeja, stated that the budget aims to address infrastructure, economic diversification, and other critical sectors in the state.
He said: “The Lagos State government will also live up to the responsibility of delivering governance that is respectful of and responsive to the people at all times”.
He charged the civil service and all other concerned stakeholders to deliver an impressive level of budget implementation in 2025. Sanwo-Olu commended the Speaker of the state House of Assembly, Rt. Hon. Mudashiru Obasa and the entire leadership of the House for the prompt passage of the budget.
The state Commissioner for Economic Planning and Budget, Ope George said the historic budget underscores the state government’s commitment to prioritising infrastructure, with 62 per cent allocated to capital expenditure and 38 per cent to recurrent spending. According to him, the allocation represents the government’s focus on driving long-term investments while maintaining efficient delivery of essential services.
He said: “Our revenue framework, which projects N2.342 trillion from total internally generated revenue and N626.137 billion from federal transfers, is anchored on innovation, accountability, and fiscal sustainability. A deficit financing of N398.662 billion has also been carefully structured to ensure financial prudence”.
Expectedly, the Chairman of the House Committee on Appropriation, Hon. Sa’ad Olumo said the 2025 budget looks into the development of the state, including electricity, road infrastructure, and education development, among others that will address the needs of Lagos residents.
On 21 November, Sanwo-Olu had presented a budget estimate of N3,005,935,198,401 to the state House of Assembly, while the parliament passed the appropriation bill on Monday, totalling N3,366,815,224,144.
The approval came after the Joint Committee on Appropriation and Finance Chairman presented a budget report. The lawmakers approved the budget via a voice vote at a sitting presided over by the Speaker.
With only nine days into the year, Lagos is ready to fly with projects and activities impacting on the lives of the people and their communities.
