- Says N3.366trn budget will build on past gains, scale up impact for future
- Lagos Internal Revenue Service has crossed N1 trillion in IGR — Assembly
Lagos State Governor, Mr. Babajide Sanwo-Olu, on Thursday signed the 2025 Appropriation Bill tagged “Budget of Sustainability.”
Governor Sanwo-Olu signed the budget, which is N3.366 trillion, at the Lagos House, Ikeja, during a ceremony attended by his deputy, Dr. Obafemi Hazmat; Secretary to the Lagos State Government (SSG), Barr (Mrs.) Bimbola Salu-Hudeyin; members of the Lagos State House of Assembly, led by the Chairman of the Joint Committee on Appropriation and Finance, Hon. Sa’ad Olumoh; and members of the State Executive Council, among others.
Speaking after signing of the 2025 Appropriation Bill, Governor Sanwo-Olu said the budget was structured around five key pillars, which are Infrastructure Sustainability; Economic Diversification; Social Inclusion and Human Capital Development; Environmental Sustainability; and Governance and Institutional Reforms.
The Governor urged Lagos residents to join hands with his administration as it deploys resources in line with the provisions of the budget.
He said, “It is with a deep sense of responsibility that I perform this task of signing the budget into law. This is the second of four budgets that I will have the honour of assenting to during my second term, and it represents another opportunity to advance our vision of a Greater Lagos for the benefit of all Lagosians and Nigeria at large.
“As I noted during my budget presentation speech in November 2025, the Lagos State Budget is structured around five pillars: Infrastructure Sustainability; Economic Diversification; Social Inclusion and Human Capital Development; Environmental Sustainability; and Governance and Institutional Reforms. These five pillars fully capture our determination to build on the gains of the past and scale up impact for the future.
“I would like to call for continued collaboration between the Executive, who will implement the budget, and the Legislature, who will provide the much-needed monitoring and oversight and ensure that we achieve the greatest good for the greatest number of our people with the limited resources available to us.
“On our part as the Lagos State Government, we will also live up to the responsibility of delivering governance that is respectful of and responsive to the people at all times. I am charging the civil service and all other concerned stakeholders to once again deliver an impressive level of budget implementation in 2025.”
Governor Sanwo-Olu commended the Speaker of the Lagos State House of Assembly, Rt. Hon. Mudashiru Obasa, the state lawmakers, unseen heroes, and everybody who participated from the preparation of the budget to the presentation, the passage, and the signing of the Appropriation Bill.
Also speaking, the Chairman of the House of Assembly Joint Committee on Appropriation and Finance, Hon. Sa’ad Olumoh, said the budget will focus on the development of Lagos State.
He said, “I want to say categorically that the THEMES agenda in the first term of Mr. Governor and the THEMES+ agenda have been meticulously packaged, and Lagosians have been benefitting from the agenda of Mr. Governor.
“We can see that Lagos is the first in almost everything that is done in this country. For the first term, our internal revenue service has crossed the N1 trillion mark in terms of IGR. That tells the dedication and purposefulness in your (Governor Sanwo-Olu) leadership, and I want to celebrate you.
“I want to also celebrate your excellent relationship with the House of Assembly. The Speaker of the Lagos State House of Assembly, Rt. Hon. Mudashiru Obasa, has always been in the forefront of ensuring that whatever Mr. Governor wants the House to do, it is done, and we will continue to do that to ensure that Lagos moves forward.
“This budget was meticulously looked through during the budget defence period. Everything we did, we did it together to ensure that we got to where we are. We have carefully looked into the Electricity Bill. We have looked into the issue of variation, and we have looked into so many things that are dear to the government. We celebrate you and appreciate what you have done in terms of road infrastructure, and we want to pray that you continue in this light.”
Speaking earlier, the Lagos State Commissioner for Economic Planning and Budget, Mr. Ope George, said the budget is not only the largest in history but also positions Lagos as the first sub-national government in Nigeria to pass a budget of the magnitude.
George said the 2025 budget reflects the Babajide Sanwo-Olu administration unwavering commitment to economic growth, infrastructural development, and the welfare of all Lagosians.
He said: “This historic budget underscores our commitment to prioritising infrastructure with 62 percent allocated to capital expenditure and 38 percent to recurrent spending. This allocation represents our focus on driving long-term investments while maintaining efficient delivery of essential services.
“Our revenue framework, which projects N2.342 trillion from total Internally Generated Revenue and N626.137 billion from federal transfers, is anchored on innovation, accountability, and fiscal sustainability. A deficit financing of N398.662 billion has also been carefully structured to ensure financial prudence.”
It would be recalled that the Lagos State House of Assembly on Monday approved a budget of N3.366 trillion for the 2025 fiscal year, injecting an additional N360.88 billion into Governor Babajide Sanwo-Olu’s initial proposal of N3.005 trillion.
The budget allocates N1.3 trillion for recurrent expenditure and N2.07 trillion for capital projects, with the financial year ending on 31st December 2025.
