Lagos State Governor, Babajide Sanwo-Olu, has unveiled a ₦3.005 trillion budget proposal for the 2025 fiscal year, aimed at driving infrastructural development, economic growth, and sustainability in the state.
During his presentation at the Lagos State House of Assembly on Thursday, November 21, 2024, Sanwo-Olu described the budget as the “Budget of Sustainability,” highlighting the focus on strengthening infrastructure, supporting social inclusion, and ensuring environmental resilience.
The proposed budget includes ₦1.7 trillion for capital projects, with an emphasis on road construction, rail development, and housing initiatives. Recurrent expenditure is set at ₦1.2 trillion, with the state projecting ₦1.97 trillion in internally generated revenue and ₦626 billion in federal transfers.
“This budget is crafted to sustain the growth and prosperity of Lagos, ensuring that we continue to improve the living conditions of our citizens while investing in key sectors for long-term development,” said Governor Sanwo-Olu.
The Lagos State House of Assembly will now review and deliberate on the budget proposal ahead of its approval.
