Lagos State Governor, Babajide Sanwo-Olu, on Thursday, presented a budget proposal of ₦3trillion to the State House of Assembly for approval for the 2025 fiscal year.
While addressing the Assembly, Gov. Sanwo-Olu noted the 2025 Budget proposal, tagged “Budget of Sustainability” comprised a total revenue of ₦2,597,034,000,000 and deficit financing of ₦408,902,000,000.
Budget Breakdown
Sanwo-Olu noted that the total revenue included ₦1,970,897,000,000 in Internally Generated Revenue (IGR) and ₦626,137,000,000 in federal transfers.
The Governor also proposed a recurrent expenditure of ₦1,239,818,000,000, which covered total overheads, personnel costs, and recurrent debt servicing.
Of the Total Overhead Costs of ₦722.586 billion, Overheads accounted for ₦432.580 billion, Subventions: ₦139.728 billion and Dedicated Funds: ₦150.278 billion.
Personnel Costs account for ₦392 billion while Recurrent Debt Charges account for ₦125.232 billion
Capital Expenditure
The proposed amount for capital expenditure stood at ₦1.766 trillion. of this figure ₦1.452 trillion is for Capital Expenditure while Repayments would gulp ₦313.515 billion.
Sectoral Allocations
Economic Affairs: ₦908.699 billion, Environment: ₦233.176 billion, Health: ₦204.005 billion, Education: ₦208.376 billion, Security, Safety, and Public Order: ₦124.073 billion, Social Protection: ₦47.077 billion
The Governor stated deficit financing would be sourced through external and internal loans and bonds.
“…..we will remain committed to leveraging public-private partnerships to deliver infrastructure, enhance social services, and turn challenges into opportunities despite limited resources,” Sanwo-Olu stated.
