The governor described the appropriation, tagged: ‘the budget of sustainability’, as a blueprint for continuity, resilience, and shared prosperity, emphasising that the budget is focused on five main pillars: Infrastructure Sustainability, Economic Diversification, Social Inclusion and Human Capital Development, Environmental Sustainability, and Governance and Institutional Reforms.
He thanked the lawmakers for the swift passage of the bill, pledging that the state government would implement the budget to deliver maximum benefits to residents.
Providing some details about the signed budget, the Commissioner for Economic Planning and Budget, Ope George, stated: “Our revenue framework, which projects N2.34 trillion from total Internally Generated Revenue and N626.13 billion from federal transfers, is anchored on innovation, accountability, and fiscal sustainability. A deficit financing of N398.66 billion has also been carefully structured to ensure financial prudence.”
But the new debt financing of the state is about N10 billion lower than what was presented by the governor on November 21, 2024 when he presented the proposals to the House of Assembly for scrutiny.
While presenting the budget estimates, Sanwo-Olu had said: “The year 2025 Budget as proposed has a total budget size of N3.005 trillion comprising a total revenue of N2.597 trillion and deficit financing of N408.9b.”
It was also observed that the House raised the projected internally generated revenue from N1.97 trillion to N2.342 trillion though it sustained the project federal transfers of N626.137 billion submitted by the executive.
In his speech, George said: “This historic budget underscores our commitment to prioritising infrastructure with 62 per cent allocated to capital expenditure and 38 per cent to recurrent spending.
“This allocation represents our focus on driving long-term investments while maintaining efficient delivery of essential services.”
“As a state known for trailblazing achievements, Lagos continues to set the pace for innovation and development in Nigeria and beyond.
“This administration’s investment in Economic Affairs, with a record allocation of N1.142 trillion, reaffirms our commitment to job creation, enterprise growth, and economic diversification. Our allocations to Education (N223.3 billion) and Health (N222.2 billion) underscore our priority to nurture a skilled workforce and deliver world-class healthcare services.
“Recognising the global urgency of environmental sustainability, we have allocated N287.2 billion to environmental initiatives, further demonstrating Lagos’s leadership as the first state to establish a dedicated Climate Change Department and lead climate action at the sub-national level.
“Security and social protection remain at the heart of our development agenda, with allocations of N140.9 billion and N37.3 billion, respectively, ensuring the safety of our citizens and addressing the needs of our most vulnerable population.”
MEANWHILE, the state government has reiterated its readiness to integrate mini and midi buses, popularly known as Korope and Danfo, operating along the Lekki-Ajah axis into its Bus Reform Initiative.
In a statement, yesterday, by the Director, Public Affairs, Ministry of Transport, Bolanle Ogunlola, the Special Adviser to the Governor on Transportation, Sola Giwa, at a meeting with relevant stakeholders in Alausa, explained that the project is in its planning phase, and would commence once all arrangements are finalised.
Reviewing the progress made so far, Giwa revealed that the documentation process for bus operators interested in the scheme was ongoing, with 10 operators having submitted letters of intent to the ministry, out of which six had been confirmed.
