Lawmakers in Lagos have finalized a record-breaking budget of N3,366,815,224,144 for the 2025 fiscal year. The budget, split between N1.29 trillion for recurrent expenses and N2.07 trillion for capital projects, was approved during a plenary session led by Speaker Rt. Hon. Mudashiru Obasa.
The budget breakdown includes N1.29 trillion earmarked for recurrent expenditure and N2.07 trillion for capital projects, signaling a strong focus on infrastructure and development. The decision followed the presentation of a report by Hon. Sa’ad Olumoh, chairman of the joint committee on appropriation and finance, which was subsequently endorsed by lawmakers.
Following the approval, Speaker Obasa instructed the Clerk of the House, Barr. Olalekan Onafeko, to forward the budget to Governor Babajide Sanwo-Olu for his assent. He commended the legislators for their thorough scrutiny and commitment to ensuring a budget that serves the state’s developmental goals.
Governor Sanwo-Olu had initially proposed a budget of N3.005 trillion on November 21, 2024. The proposal acknowledged a funding deficit of N408.902 billion, with plans to bridge the gap through a mix of external and internal loans and bonds.
In addition to the budget approval, the House passed a bill aimed at consolidating all laws governing local government administration in Lagos State. The new legislation integrates provisions from recent constitutional amendments and updates from the National Assembly that affect local governance.
