Lagos State Governor Babajide Sanwo-Olu, on Thursday, presented a N3 trillion 2025 budget proposal to the House of Assembly for consideration and approval.
The budget proposal, christened ‘Budget of Sustainability,’ has a recurrent expenditure of N1.2 trillion and N1.7 trillion capital expenditure component.
Sanwo-Olu said the recurrent expenditure comprises total overhead, personnel cost, and recurrent debt service as follows: Overhead, N432.580 billion; subventions, N139.728 billion; dedicated funds, N150.278 billion; total personnel cost, N392.000 billion, while recurrent debt charges are put at N125.232 billion.
The budget projects a total revenue of N2.597 trillion, while deficit financing is N408 billion.
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The total revenue comprises internally generated revenue (IGR) of N1.9 trillion, and total federal transfers of N626.1 billion.
The sectoral breakdown includes Economic Affairs, N908.699 billion; Environment, N233.176 billion; Health, N204.005 billion; Education, N208.376 billion; Security, Safety and Public Order, N124.073 billion; and Social Protection, N47.077 billion.
Sanwo-Olu told the lawmakers that the budget “is not just a statement of intentions but a practical, actionable framework designed to impact lives.”
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