The Lagos State Government has unveiled a N3.37 trillion budget for 2025, tagged the “Budget of Sustainability”, with a strong focus on infrastructure development and environmental protection.
The announcement was made by the Commissioner for Economic Planning and Budget, Mr. Ope George, during a budget analysis press conference held at Alausa, Ikeja, on Friday.
The N3.367 trillion budget is projected to be funded by an estimated revenue of N2.968 trillion, comprising N2.230 trillion from Internally Generated Revenue (IGR), N111.839 billion in Capital Receipts, and N626.137 billion from federal transfers.
George emphasised that 80 per cent of the budget will be financed internally, highlighting the state’s commitment to self-sustainability.
‘The state has carefully chosen a self-financing option that will not translate into debt for the full implementation of the budget,’ he stated, appealing to Lagos residents to support the government by paying their taxes promptly.
He added that the Lagos State Internal Revenue Service (LIRS) is expected to contribute 63 per cent (N1.4 trillion) of the projected IGR.
A significant portion of the budget, N1.052 trillion (31.27%), has been allocated to infrastructural sustainability.
‘Our focus remains on maintaining, upgrading, and expanding existing road networks and infrastructure, constructing bus terminals, jetties, bridges, rail systems, housing units, and digital infrastructure, in line with our vision for a truly 21st-century megacity,’ George explained.
The Commissioner listed several projects slated for completion or commencement in 2025 across Lagos State’s five divisions.
These include road construction and rehabilitation, the development of bus terminals and jetties, the continuation of the Lagos Rail Mass Transit System, and new housing units.
The government is also prioritising environmental protection, with an allocation of N287.241 billion (8.5 per cent).
‘This budget underscores our commitment to environmental protection and sustainability,’ George affirmed.
The funds will be channelled towards drainage infrastructure development, waste-to-energy projects, and the creation of public recreational spaces.
‘Implementation of waste-to-energy projects across the state, collaboration with the private sector on waste management, and the continuous transformation of public spaces into serene and secure recreational areas by LASPARK remain key priorities,’ he said.
Addressing concerns about debt management, the Commissioner for Finance, Mr Abayomi Oluyomi, assured that the state is exploring creative financing options and focusing on improving the business environment.
He emphasised that the majority of budget financing comes from IGR, with only 10 per cent from borrowing.
George described the “Budget of Sustainability” as more than just a fiscal document.
‘It is structured around providing economic stability, environmental stewardship, and social equity to ensure Lagos continues to thrive sustainably for generations to come,’ he said.
He reiterated the government’s commitment to completing ongoing projects and ensuring the durability and adaptability of physical assets to meet the growing demands of the population.
