Sanwo-Olu Presents N3trn 2025 ‘Budget of Sustainability’ to Assembly

Segun James

Lagos State Governor, Mr Babajide Sanwo-Olu Thursday presented the 2025 Appropriation Bill of N3.005 Trillion to the State House of Assembly.

According to the Governor, the budget has a Total Revenue of N2,597,034 Trillion and Deficit Financing of N408,902 billion. The budget deficit will be financed from external and internal loans and bonds.

The recurrent expenditure is N1.239 trillion, representing 41 percent, while the capital expenditure is 1.766 trillion, representing 49 percent. The total Internally Generated Revenue in the State is put at N1,970,897 trillion.

The breakdown showed that Economic Affairs got the lion share of 908.699 billion Naira while Environment has 233.176 billion Naira

Health is estimated to have 204.005 billion Naira, Education – 208.376 billion Naira, Security, Safety and Public Order – 124.073 billion Naira and Social Protection – 47.077 billion Naira.

Sanwo-Olu said the budget would ensure continuation and maintenance of existing projects to diversify the economy. “The appropriation bill christened, “Budget of Sustainability” is a blueprint for continuity, resilience, and prosperity for Lagosians, and structured around five key pillars, including Infrastructure Sustainability, Economic Diversification, and Institutional Reforms.

He acknowledged the critical economic challenges for Nigerians, saying the 2025 budget aimed to ensure prosperity in the state. “Mr Speaker, it is now my pleasure to present to you today the Y2025 Budget proposal, tagged “Budget of Sustainability.

“The Year 2025 Budget as proposed has a total budget size of Three Trillion, Five Billion, Nine Hundred and Thirty Five Million, One Hundred and Ninety Eight Thousand, Four Hundred and One Naira (N3,005,935,198,401), comprising

“Total Revenue comprises our Internally Generated Revenue of One Trillion, Nine Hundred and Seventy Billion, Eight Hundred and Ninety Seven Million Naira (N1,970,897,000,000), and Total Federal Transfers of Six Hundred and Twenty Six Billion, One Hundred and Thirty Seven Million Naira (N626,137,000,000).

“We equally propose a recurrent expenditure of One Trillion, Two Hundred and Thirty Nine Billion Naira, Eight Hundred and Eighteen Million Naira (N1,239,818,000,000) comprising total overhead, total personnel cost and recurrent debt service, as follows:

Total Overhead Cost: N722.586 Billion, as follows: Overhead: N432.580 Billion, Subventions: N139.728 Billion, Dedicated Funds: N150.278 Billion, Total Personnel Cost: N392.000 Billion, Recurrent Debt Charges: N125.232 Billion

“Mr. Speaker, as you will notice, the budget size is made up of recurrent expenditure of N1.239 Trillion (41%) and capital expenditure of N1.766 Trillion (59%). The deficit financing, which is within our fiscal sustainability parameters, shall consist of external and internal loans and bonds.”

In his reaction, the Speaker of the State House of Assembly, Rt. Hon. Mudashiru Obasa, said he had not given a serious thought about becoming the next governor of the state as was already being speculated.

Obasa noted that the budget was presented at a time Nigerians complained about the economy. He, however, appealed to Nigerians to be hopeful as President Bola Tinubu’s administration works to ensure the nation’s economic recovery.

He added: “I have made it a personal task to mobilise people on the platform of Mandate, which has been misconstrued by some political detractors as being a selfish aspiration on the ground for me to become governor of the state. There is the need, however, to correct this wrong impression. My concern is about building our party, and whatever we do is mainly for this cause.

“To the blackmailers who have embarked on the mission to distort and redefine our mission, let me state it unequivocally here, our intention is to promote our party on the platform of Mandate.

“Also, becoming governor is secondary; it is something that I have not given serious consideration. Nevertheless, that does not mean I am too young or lack experience to run; whereas, those who have been before me are not better of.”

Speaking further on the budget, Obasa said, “Today marks another significant milestone for our dear State in the pursuit and realisation of remarkable economic transformation, infrastructural renewal and development towards a greater Lagos.

“We recognise the current economic upheaval, but we are confident that our strategic plans will stimulate growth, attract investments, and improve the standard of living for all Lagosians.

“Also, the renewed hope of President Bola Ahmed Tinubu, GCFR, is focused on the futuristic plan for the nation’s economic recovery, which is indeed certain and realisable. As such, I appeal to our people to keep the hope alive. There is, no doubt, a light at the end of the tunnel for us as a nation!

“Today, we want to assure Mr Governor that this honourable House will look at the budget and do the necessary scrutiny as usual. But it should be noted that this institution remains resolute. We will never be disgraced, abused or ridiculed in the name of creating a seamless working ambiance.”