Lagos State House of Assembly on Monday approved about N3.37 trillion budget of the state for 2025.
The approval followed 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, Rt. Hon. Mudashiru Obasa.
The approved budget is made of nearly N1.3 trillion as recurrent expenditure, while about N2.07 trillion is earmarked as capital expenditure.
The Speaker thereafter directed the Clerk of the House, Barrister 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.
Last 21 November, Sanwo-Olu presented a proposal of about N3 trillion to the House for approval.
During the presentation, the governor told the lawmakers that the budget has a deficit financing of about N408.9 billion adding that the deficit would be financed from external and internal loans and bonds.
During plenary on Monday, the House also passed a bill to consolidate all laws on local government administration in the state.
The bill further makes provisions based on constitutional amendments as well as amendments by the National Assembly which have direct effects on the local governments in the state.
