Lucky Obukohwo Reporting
Lagos State Governor Babajide Sanwo-Olu, has signed the 2025 Appropriation Bill into law.
The State House of Assembly had on Monday approved a total sum of N3,366,815,224,144 as the state’s budget 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 vote by lawmakers during a sitting presided over by the Speaker, Mudashiru Obasa.
The signed budget is split into N1,295,630,197,452 for recurrent expenditure, while N2,071,185,026,692 is allocated to capital expenditure for the year ending 31 December 2025.
Recall that Governor Sanwo-Olu had on 21 November presented a proposal of N3.005 trillion to the House for approval.
During the presentation, the governor revealed that the budget had a deficit financing of N408.902 billion, adding that the deficit would be financed through external and internal loans and bonds.
“We are confident that with strategic financing, this budget will allow us to continue advancing the state’s developmental goals,” Sanwo-Olu said.