The Lagos State House of Assembly on Monday approved a total sum of N3.366 trillion as the total budget of the state for 2025.
The passed budget has an additional N300 billion with the state Governor, Babajide Sanwo-Olu having earlier presented a budget proposal of N3.005 trillion on Thursday, 21 November, 2024.
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 the Speaker, Rt. Hon. Mudashiru Obasa.
The approved budget is made of N1.295 trillion as Recurrent Expenditure while N2.071 trillion is earmarked as 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.
Recall that Governor Sanwo-Olu had on Thursday, 21 November 2024, 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 plenary on Monday, 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.
