Governor Babajide Sanwo-Olu of Lagos State has officially presented the proposed budget of N3 trillion for the 2025 fiscal year to the State House of Assembly. This budget, referred to as the "Budget of Sustainability," aims to promote resilience and shared prosperity among the residents of the state.
Governor Sanwo-Olu underscored that the proposal is fundamentally focused on sustainable development and economic growth. He outlined plans that prioritize infrastructure enhancements, economic diversification, social inclusion, human capital development, and governance reforms.
The budget delineates a distribution of 41 percent toward recurrent expenditure (N1.239 trillion) and 59 percent toward capital expenditure (N1.766 trillion). This allocation underscores the administration's commitment to investing in critical sectors with the intent of bolstering Lagos' economic standing and improving the quality of life for its citizens.
The proposed budget aligns strategically with the administration’s vision of establishing Lagos as a paragon of urban development and sustainable progress, addressing existing challenges while simultaneously creating opportunities for all stakeholders. The House of Assembly is scheduled to deliberate on the proposed budget in the forthcoming weeks.