Governor of Lagos State, Babajide Sanwo-Olu, has signed the 2025 appropriation bill into law.
The Special Adviser on Media and Publicity to the Governor, Gboyega Akosile, made this known in a post on his X handle.
He said the budget size is N3.366 trillion meant for the continuation of the great works of the Sanwo-Olu administration.
Governor Sanwo-Olu, had on November 21, 2024, presented the Appropriation Bill to members of the State House of Assembly for consideration and approval.
He 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.
It was structured around five key pillars, including; Infrastructure Sustainability, Economic Diversification, and Institutional Reforms.
Sanwo-Olu signed the budget, themed: “Budget of Sustainability,” on Thursday, at the Lagos House, Ikeja which hadin attendance; Deputy Governor, Dr. Obafemi Hazmat, Secretary to the State Goverment, SSG, Bimbola Salu-Hudeyin, members of the Lagos State Houses of Assembly, led by Chairman of the joint committee on Appropriation and Finance, Sa’ad Olumoh, members of the state Executive Council.
The Lagos State House of Assembly, had also on Monday, approved a total sum of N3,366,815,224,144 as the total budget of the state for 2025.
The approval followed the presentation of a report on the budget by Olumoh, and the subsequent voice votes by lawmakers at a sitting presided over by the Speaker, Mudashiru Obasa.
According to Sanwo-Olu, “the budget is a blueprint for continuity, resilience and prosperity for residents.”
Giving the details, the governor stated, “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.”
Sanwo-Olu, proposed N1,239,818,000,000, trillion, comprising total overhead, personnel cost and recurrent debt service.
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