The Lagos State House of Assembly on Monday approved the state’s total budget for 2025 at N3,366,815,224,144.
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 votes by lawmakers at a sitting presided over by the Speaker, Rt. Hon. Mudashiru Obasa.
The approved budget includes N1,295,630,197,452 in recurrent expenditures and N2,071,185,026,692 in capital expenditures for the year ending December 31, 2025.
Obasa, thereafter, directed the Clerk of the House, Barr. Olalekan Onafeko will transmit a clean copy of the passed bill to Governor Babajide Sanwo-Olu for assent.
The Speaker commended his colleagues for their painstaking efforts leading to the budget’s passage.
It would be recalled that Governor Sanwo-Olu had, on November 21, presented a proposal of N3.005 trillion to the House for approval.
During the presentation, the governor told the lawmakers that the budget has a deficit financing of N408,902 billion, adding that the deficit would be financed from external and internal loans and bonds.
Meanwhile, the House also passed a bill to consolidate all laws on local government administration in Lagos State during Monday’s plenary.
The bill further makes provisions based on constitutional amendments and amendments by the National Assembly that directly affect the local governments in Lagos State.
