LAGOS ASSEMBLY APPROVES N3.37TRN BUDGET FOR 2025
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The Lagos State House of Assembly, yesterday, jerked Governor Babajide Sanwo-Olu’s N3.005trn 2025 Budget proposal to N3,366,815,224,144 (N3.37trn) and passed it into law.
The approval followed the presentation of a report on the budget by the Chairman of the Joint Committee on Appropriation and Finance, Hon. Sa’ad Olumoh, and the subsequent voice votes by lawmakers at a sitting presided over by Speaker Mudashiru Obasa.
The approved budget is made of N1,295,630,197,452 as recurrent expenditure, and N2,071,185,026,692 for capital expenditure for the year ending December 31, 2025.
Dr. Obasa, thereafter, directed the Clerk of the House, Barr. Olalekan Onafeko, to transmit a clean copy of the passed bill to Governor Babajide Sanwo-Olu for assent.
The Speaker commended his colleagues for their painstaking efforts leading to the passage of the budget.
Governor Sanwo-Olu had on November 21, presented a proposal of N3.005 trillion to the House for approval.
The Governor, during the presentation, told the lawmakers that the budget has a deficit financing of N408.902 billion adding that the deficit would be financed from external and internal loans and bonds.
Meanwhile, the House, during yesterday’s plenary also passed a bill to consolidate all laws on local government administration in Lagos State.
The bill further makes provisions based on constitutional amendments as well as amendments by the National Assembly which have direct effects on the local governments in Lagos State.
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