Lagos State Governor, Babajide Sanwo-Olu, today unveiled the state’s Year 2025 Budget Estimates to the Lagos State House of Assembly, pegged at an ambitious N3.005 trillion. Dubbed the “Budget of Sustainability,” the financial plan is designed to continue building on the state’s resilience, innovation, and commitment to long-term economic and social development.
The proposed budget for 2025 is a clear reflection of the state’s vision for infrastructural growth and social welfare. With a breakdown of N1.7 trillion allocated to capital expenditure (59% of the total budget), and N1.2 trillion earmarked for recurrent spending (41%), the Governor emphasized that the budget aims to address both immediate needs and sustainable long-term development.
Governor Sanwo-Olu also highlighted the remarkable performance of the 2024 budget, noting that as of September 2024, Lagos State had achieved an 85% budget performance, showcasing effective resource management and project execution across sectors.
Key sectors of the 2025 budget include education (N208 billion), health (N204 billion), and the environment (N233 billion). Public order and safety are allocated N124 billion, while social protection has been earmarked N47 billion. These allocations are designed to strengthen the state’s commitment to education, healthcare, environmental sustainability, public safety, and social welfare, all of which are integral to the state’s ongoing development.
Governor Sanwo-Olu outlined five key pillars driving the 2025 budget: Infrastructure Sustainability, Economic Diversification, Social Inclusion and Human Capital Development, Environmental Sustainability, and Governance and Institutional Reforms. He stated that these pillars reflect the core values of Lagosians resilience, innovation, inclusivity, and sustainability and are central to the vision of building a more prosperous, equitable, and sustainable future for the state.
The “Budget of Sustainability,” according to the Governor, reflects a deep commitment to creating a robust and inclusive economy, ensuring environmental protection, and fostering good governance and institutional reforms that will provide the necessary framework for continued growth and development in Lagos State.
In his address, Governor Sanwo-Olu expressed confidence that the proposed budget will further cement Lagos’ position as a thriving economic hub and a city that upholds the principles of sustainability and inclusivity. As the state moves into 2025, it is clear that the focus will be on building a legacy that supports the welfare of all Lagosians, both now and in the future.
