2025 BUDGET: LAGOS ALLOCATES N1.052TRN FOR INFRASTRUCTURE AS SANWO-OLU REASSURES COMPLETION OF ONGOING PROJECTS
Read Time:4 Minute, 55 Second
The Lagos State Government has earmarked N1.052 trillion in its 2025 budget for infrastructural sustainability, aligning with Governor Babajide Sanwo-Olu’s plan to complete ongoing projects across the state.
Lagos State Commissioner for Economic Planning and Budget, Mr. Ope George, revealed this while presenting the budget breakdown during the ministry’s Budget Analysis press conference at Alausa, Ikeja, on Friday.
He was joined by key government officials, including Commissioners Mr. Gbenga Omotoso (Information and Strategy), Mr. Abayomi Oluyomi (Finance), Prof. Akin Abayomi (Health), Mr. Tokunbo Wahab (Environment and Water Resources), and Mr. Oluwaseun Osiyemi (Transport). Others present were Mr. Tunbosun Alake (Innovation, Science, and Technology), Mr. Biodun Ogunleye (Energy and Mineral Resources), Mr. Jamiu Alli-Balogun (Basic Education), and Mr. Tolani Akibu (Tertiary Education), along with Special Advisers Dr. Adeyinka Olayinka (Works), Engr. Olufemi Daramola (Infrastructure), and Dr. Rotimi Fashola (Agriculture).
The Budget Commissioner said the Lagos State budget size of ₦3.367trillion will be funded from a total revenue estimate of ₦2.968 trillion, comprising N2.230 trillion from Internally Generated Revenue (IGR), Capital Receipts of N111.839 billion and federal transfer of N626.137 billion.
He said the Lagos State Internal Revenue Service (LIRS) is expected to contribute 63 per cent (N1.4 trillion) of the projected IGR, while other ministries, departments and agencies (MDAs) of government will generate about 37 per cent (N830.177billion).
According to him, 80 percent of revenue will be generated internally to finance the 2025 budget implementation, noting that the State Government will achieve budget sustainability by deepening revenue and increasing the tax net through the deployment of technology, economic intelligence, data gathering, and analysis, among other initiatives.
George who said the State had carefully chosen a self-financing option that would not translate into debt to finance the full implementation of the budget, appealed to Lagos residents to keep supporting the Babajide Sanwo-Olu’s administration by upholding the law and paying their taxes on time to achieve the Greater Lagos Vision.
He said the budget tagged “Budget of Sustainability” is not just a fiscal document but structured around providing economic stability, environmental stewardship and social equity to ensure Lagos continues to thrive sustainably for generations to come.
“The State’s focus is to ensure the durability, functionality, and adaptability of our physical assets to meet the ever-growing demands of our people, hence the investment of the sum of N1.052trillion representing 31.27 percent of the entire budget on infrastructure. Our focus remains prioritising the maintenance, upgrade and expansion of existing road networks and furniture, construction of bus terminals, jetties bridges, rail systems, housing units and digital infrastructure in line with our vision for a truly 21st-century megacity,” he said.
George listed some of the infrastructural projects that cut across the five divisions of Lagos State and will be addressed in the 2025 budget as the construction of Samuel Ekundayo/Toga Road in Badagry, Abaranje Road in Alimosho, and Adamo-Akanun-Agunfoye Lugbusi Roads in Ikorodu; the construction and rehabilitation of roads in Ikeja GRA (Oba Dosunmu Road, Sasegbon Street, Sobo Arobiodu Street, etc.); and the rehabilitation and upgrading of the Lekki-Epe Expressway: Phase IIA (18.600km).
He said the State Government will also work on the completion of the Abule Egba and Ajah Bus terminals (Bus Reform Initiative, BRI), the construction of the Iyana-Ipaja Bus terminals, construction of the Opebi Link Bridge to Maryland that will significantly improve travel time and alternative route options in the axis, rehabilitation and upgrading of the Eti-Osa Lekki-Epe Expressway Project from Eleko T-Junction to Abraham Adesanya ( Phase II), construction of Lekki-Epe Airport Road and Omu Creek Road, as well as the urban renewal and technical studies on 4th Mainland Bridge.
Other projects listed include the construction of the Lagos-Badagry Expressway, dualization of Ojo Road and Baale Adeyemi in Ojo, construction of the Lekki/Epe(Orisa) Bridge and approach road, construction of the second phase of the Lagos Rail Mass Transit System (LRMT) from Mile 2 to Okokomaiko, development of the 68km Green Line rail from Marina to the Lekki Free Trade Zone, completion of 13 new jetties across Lagos State in addition to the upgrade works ongoing at existing jetties and the completion of the Stadia in Ikorodu, Badagry, Epe, Ifako-Ijaye, Ketu, Ibeju-Lekki, Sari Iganmu and Ajeromi to facilitate youth development and community sports.
He also disclosed that the State will begin the construction of the NYSC Camp Permanent Site at Epe; and make provision for housing units across IBILE (Ikorodu, Badagry, Ikeja, Lagos Island and Epe) to transform lives and build a resilient and thriving State.
The Commissioner added that Lagos State Government is working toward completing the 444 units of building projects at Sangotedo Phase II, 420 units of building projects at Ajara-Badagry, 136 units of building projects at Ibeshe II and Epe, as well as construction of Egan Phase II and III, among others.
“This Budget underscores our commitment to environmental protection and sustainability, hence the State’s investment in the sum of N287.241 billion (8.5%) on Environmental protection for key projects which includes Construction of Drainage infrastructure across the five IBILE divisions to mitigate the impact of climate change, preliminary work on six critical natural drainage systems across the State at Alaba International Market, Kosofe, Ikorodu, etc., Implementation of Waste-to-Energy projects across the State. Collaboration with the private sector on waste management and Continuous transformation of public spaces into serene and secure spaces for recreation and leisure by LASPARK,” the Commissioner disclosed.
The Commissioner for Finance, Mr Abayomi Oluyomi while answering questions from journalists allayed the fears of debt management and financing, saying 80 per cent of the budget financing is from Internally Generated Revenue, with just 10 per cent borrowing, while also exploring other avenues like creative financing options and catalysing the business environment.
Happy
0 %
Sad
0 %
Excited
0 %
Sleepy
0 %
Angry
0 %
Surprise
0 %
0
0