Babajide Sanwo-Olu, Governor of Lagos State, has signed a budget of N3.366 trillion into law for the fiscal year 2025.
Gboyega Akosile, Sanwo-Olu’s Special Adviser on Media and Publicity, made the announcement on X on Thursday, January 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 just three days after the Lagos State House of Assembly approved the budget.
The appropriation bill was passed by the house on Monday, Jan. 6, following the presentation of a budget report by Hon. Sa’ad Olumoh, chairman of the joint committee on appropriation and finance, and subsequent voice votes by lawmakers at a sitting presided over by Speaker Mudashiru Obasa.
The approved budget allocates N1,295,630,197,452 as recurrent expenditure and N2,071,185,026,692 as capital expenditure for the fiscal year ending December 31, 2025.
Obasa then directed the Clerk of the House, Barr. Olalekan Onafeko, to send a clean copy of the passed measure to Governor Babajide Sanwo-Olu for assent.
The Speaker praised his colleagues for their “painstaking efforts leading to the passage of the budget.” On November 21, 2024, Sanwo-Olu presented a proposal of N3.005 trillion to the House for approval.
During the presentation, the governor informed the parliamentarians that the budget has a deficit financing of N408,902 billion, which would be financed by foreign and domestic loans and bonds.
