The Lagos State House of Assembly on Monday approved a total budget of N3,366,815,224,144 for the state in 2025.
The approval followed the presentation of the budget report by the chairman of the Joint Committee on Appropriation and Finance, Hon. Sa’ad Olumoh. Lawmakers subsequently voted on the budget during a sitting led by the Speaker, Rt. Hon. Mudashiru Obasa.
The approved budget includes N1,295,630,197,452 for recurrent expenditure and N2,071,185,026,692 for capital expenditure, both for the year ending December 31, 2025.
Following the approval, Dr. Obasa directed the Clerk of the House, Barr. Olalekan Onafeko, to send the finalized bill to Governor Babajide Sanwo-Olu for assent.
The Speaker commended his colleagues for their diligent efforts in passing the budget.
It is important to note that Governor Sanwo-Olu had originally presented a proposal of N3.005 trillion to the House for approval on November 21. During his presentation, the Governor highlighted that the budget included a deficit of N408.902 billion, which would be financed through external and internal loans and bonds.
Additionally, during Monday’s plenary, the House passed a bill to consolidate all laws governing local government administration in Lagos State. This bill incorporates provisions based on constitutional amendments and updates by the National Assembly that directly impact local governments in the state.
