By Jemimah Wellington, JKNewsMedia Reporter
ECONOMIC CHALLENGES and infrastructure needs dominate Lagos State’s proposed budget for 2025, pegged at N3.005 trillion.
Governor Babajide Sanwo-Olu presented the ambitious financial plan to the State House of Assembly, emphasizing its alignment with the “Budget of Sustainability” agenda.
The proposed budget also prioritizes infrastructure, education, healthcare, security, and environmental sustainability.
During the presentation, Governor Babajide Sanwo-Olu emphasized the budget’s focus on infrastructural development, economic growth, and continuity in delivering essential services.
The proposed budget allocates N1.7 trillion to capital expenditure, representing 59%, and N1.2 trillion to recurrent spending, accounting for 41%.
Governor Sanwo-Olu highlighted key priorities, including education, healthcare, security, and environmental initiatives.
He also assured Lagosians that the budget aligns with the state’s THEMES+ agenda, promoting fiscal responsibility while addressing critical needs.
The governor disclosed that the budget includes an anticipated revenue of N2.597 trillion, supplemented by federal transfers of N626.1 billion.
A deficit of N408.9 billion is projected, to be financed through various channels.
The proposed 2025 budget exceeds the 2024 allocation by approximately N800 billion, reflecting the administration’s ambitious development goals.
Obasa Clarified Speculations
Amidst the budget presentation, Speaker of the Lagos State House of Assembly, Mudashiru Obasa, addressed speculation surrounding his political aspirations.
Obasa clarified that his focus remains on strengthening the All Progressives Congress (APC) in the state, denying rumours of a governorship bid.
He labeled the claims as political misinterpretations aimed at distracting from his commitment to party-building.
Obasa stated, “Becoming governor is secondary and not a serious consideration. My goal is to promote our party and mobilize support for its growth.”
He also urged Lagosians to remain hopeful, expressing confidence in the federal government’s efforts under President Bola Tinubu to revive the nation’s economy.
During the plenary, the Assembly unanimously passed a vote of confidence on Obasa, affirming his leadership amidst the political conjectures.
Meanwhile, the Speaker reiterated the Assembly’s commitment to a thorough review of the budget to ensure it serves the best interests of Lagosians.
Governor Sanwo-Olu praised the legislature for its collaboration and emphasized the need for collective responsibility in executing the budget.
He further assured Lagosians of transparency and accountability in the administration’s financial dealings, reiterating that the state’s success relies on civic participation and partnership.
Obasan noted that the 2025 budget, when approved, aims to solidify Lagos’s position as a hub of innovation and economic progress while addressing infrastructural gaps and socio-economic challenges.
