Lagos State Governor Babajide Sanwo-Olu has presented the state House of Assembly with a budget estimate of N3.005 trillion for the 2025 fiscal year.
The budget proposal presented to lawmakers on Thursday was about N800 billion higher than the approval granted for 2024.
Governor Sanwo-Olu, who made the presentation at a plenary session presided over by the Speaker of the House, Hon. Mudashiru Ajayi Obasa, explained that the budget comprises a total revenue of N2,597,034,000,000 and Deficit Financing of N408,902,000,000.
The governor said the budget, tagged ‘Budget of Sustainability,’ proposed a total of N1.239trn (41%) for recurrent expenditure, comprising total overhead, total personnel cost, and recurrent debt service, while a sum of N1.766trn (59%) was proposed for capital expenditure.
Sanwo-Olu gave the proposed budget’s sectoral allocations: Economic Affairs received N908.699 bn; Environment received N233.176bn; Health received N204.005bn; Education received N208.376bn; Security, Safety, and Public Order received N124.073bn; and Social Protection received N47.077bn.
“Mr. Speaker, I am pleased to present the Y2025 Budget proposal, tagged ‘Budget of Sustainability.’
“The Year 2025 Budget as proposed has a total budget size of N3,005,935,198,401, comprising a Total Revenue of N2,597,034,000,000 and Deficit Financing of N408,902,000,000.
“Total Revenue comprises our Internally Generated Revenue of N1, 970,897,000,000, and Total Federal Transfers of N626, 137,000,000.
“We equally propose a recurrent expenditure of N1,239,818,000,000 comprising total overhead, total personnel cost and recurrent debt service, as follows: Total Overhead Cost: N722.586 billion, as follows: Overhead: N432.580 billion Subventions: N139.728 billion, Dedicated Funds: N150.278 Billion Total Personnel Cost: N392.000 billion Recurrent Debt Charges: N125.232 billion.
“For Capital Expenditure, we propose a total figure of N1.766, 117 trillion, as follows: Capital expenditure: N1.452 trillion Repayments: N313.515 billion,” Sanwo-Olu said.
“Mr Speaker, Honorable Members of this esteemed House, I at this moment present highlights of sectoral allocation in the budget: Economic Affairs – N908.699 billion; Environment – N233.176 billion; Health – N204.005 billion; Education – N208.376 billion Security, Safety and Public Order – N124.073 billion;
Social Protection N47.077 billion.
“Mr. Speaker, as you will notice, the budget size is made up of recurrent expenditure of N1.239 trillion (41%) and capital expenditure of N1.766 trillion (59%). The deficit financing, which is within our fiscal sustainability parameters, shall consist of external and internal loans and bonds,” he added.
