Sanwo-Olu presents ₦3trn 2025 budget to Lagos assembly

Governor Babajide Sanwo-Olu of Lagos has presented the sum of ₦3.005 trillion before the state House of Assembly as a proposed budget for the year 2025.

Briefing the lawmakers on Thursday in Alausa, Sanwo-Olu emphasised the budget’s focus on infrastructural development and sustainability.

Tagged the “Budget of Sustainability,” it seeks to focus on capital projects aimed at economic growth and development.

A breakdown of the budget shows that ₦1.7 trillion was proposed for the Capital budget while N1.2 trillion was set aside in the budget before the lawmakers for the recurrent budget in the coming year.

“Total revenue comprises our Internally Generated Revenue of  ₦1,970,897,000,000, and total Federal Transfers of  ₦626,137,000,000,” the governor said.

Deputy Governor, Dr. Femi Hamzat, and Speaker, House of the Assembly, Mudashiru Obasa, among other dignitaries, were in attendance.

See the governor’s full speech below:

BEING THE TEXT OF AN ADDRESS DELIVERED BY THE GOVERNOR OF LAGOS STATE, MR BABAJIDE OLUSOLA SANWO-OLU, AT THE PRESENTATION OF YEAR 2025 BUDGET PROPOSALS TO THE LAGOS STATE HOUSE OF ASSEMBLY, ON THURSDAY, NOVEMBER 21, 2024

‘BUDGET OF SUSTAINABILITY’

securing the future.

This budget is structured around five key pillars designed to ensure economic stability, environmental stewardship, and social equity:

Infrastructure Sustainability

Economic Diversification

Social Inclusion and Human Capital Development

Environmental Sustainability

Governance and Institutional Reforms

This 2025 Budget I am presenting today is a continuation of the efforts laid out in our previous budgets, as follows:

Year 2020: The Budget of Awakening to a Greater Lagos

Year 2021: The Budget of Rekindled Hope, against the backdrop of the Covid-19 pandemic and the END-SARS protests.

Year 2022: The Budget of Consolidation, reflecting its status as our final full-year budget before the 2023 elections

Year 2023: The Budget of Continuity, our transition budget, between the first and second terms.

Year 2024: The Budget of Renewal, echoing the “Renewed Hope” aspiration of the Federal Government’s 2024 Budget.

I will now start to highlight the major accomplishments that we have achieved over the year, through the disciplined implementation of the 2024 Budget, which this Honourable House graciously approved and has provided oversight for, and which the 2025 Budget seeks to build upon.

profoundly grateful for the trust you have placed in me to serve you. I assure you of our continued commitment to delivering impactful governance and improving the quality of life across our state.

I urge everyone to keep supporting this administration by upholding the law, paying taxes in full and on time, staying vigilant, and sharing valuable information that will enhance our collective safety and security.

Once again, dear Lagosians, I invite you to join hands with us as we move resolutely towards achieving the Greater Lagos we all envision. The future is bright, and I reaffirm our commitment to fulfilling all our promises to you.

Mr. Speaker and esteemed members of the Lagos State House of Assembly, I hereby present the 2025 Budget Proposals of the Lagos State Government, aptly titled the ‘Budget of Sustainability.’

Thank you, and may God bless you all!

May God bless Lagos State!

Long live the Federal Republic of Nigeria!

BABAJIDE OLUSOLA SANWO-OLU