In a decisive move to shape the future of Lagos State, Governor Babajide Sanwo-Olu presented the 2025 budget proposal to the House of Assembly.
With a record of ₦3 trillion plan on the table, the government is targeting a whooping ₦1.97 trillion in internally generated revenue to drive its vision of sustainability and growth.
Sanwo-Olu Unveils Ambitious ₦3 Trillion 2025 Budget For A Sustainable Lagos
On a bright morning in Lagos, Governor Babajide Sanwo-Olu presented the state’s ambitious 2025 budget proposal to the Lagos State House of Assembly.
The ₦3 trillion “Budget of Sustainability” aims to drive growth, with a target of ₦1.97 trillion in Internally Generated Revenue (IGR) and total projected revenue of ₦2.6 trillion.
However, despite these plans, the budget shows a deficit of ₦408.9 billion.
This proposal represents a significant leap from the 2024 budget of ₦1.7 trillion, reflecting a ₦1.3 trillion increase.
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To clarify, Governor Sanwo-Olu broke down the 2025 expenditures, which include ₦1.24 trillion for recurrent costs, ₦1.45 trillion for capital projects, and ₦313.5 billion for debt repayments.
Furthermore, the government will cover the deficit with a mix of internal and external loans, as well as bonds.
Looking back at 2024, the governor pointed out an impressive 84 per cent budget implementation by Q3.
Specifically, recurrent spending reached 93 per cent of the planned ₦701.5 billion, while capital expenditure achieved 77 per cent, amounting to ₦770 billion.
In addition, the governor emphasised the government’s strides in infrastructure, with 36 road projects completed and 51 more underway.
For example, key projects include the construction of Abule Egba and Iyana Ipaja Bus Terminals, ongoing BRT infrastructure on the Lagos-Badagry Expressway, and the extension of the Blue Line Rail from Mile 2 to Okokomaiko.
Ultimately, with this plan, Sanwo-Olu aims to build a sustainable and resilient Lagos, positioning the city to maintain its status as Nigeria’s economic hub and an African model city.
