Lagos Assembly okays N3.4tr budget for 2025

Lagos State House of Assembly, yesterday, approved the total sum of N3.36 trillion as the budget for the state in 2025. The approval followed the presentation of a report on the budget by the Chairman of the Joint Committee on Appropriation and Finance, Sa’ad Olumoh, and the subsequent voice votes by lawmakers at a sitting presided over by the Speaker, Mudashiru Obasa.

The approved budget is made of N1,295,630,197,452 as recurrent expenditure, while N2,071,185,026,692 is earmarked as capital expenditure for the year ending December 31, 2025.

Obasa, thereafter, directed the Clerk of the House, Olalekan Onafeko, to transmit a clean copy of the passed bill to Governor Babajide Sanwo-Olu for assent.

The Speaker commended his colleagues for their efforts that led to the passage of the budget. Recall that Sanwo-Olu had, on November 21, presented a budget proposal of N3.005 trillion to the House for approval.

The governor, during the presentation, told the lawmakers 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, during plenary yesterday, also passed a bill to consolidate all laws on local government administration in Lagos State.