Lagos Assembly approves N3.4 trn budget for 2025  

The Lagos State House of Assembly has approved a record-breaking budget of N3.4 trillion for the 2025 fiscal year, marking a significant step in the state’s development agenda. The budget, which was passed on Monday during a plenary session presided over by Speaker Rt. Hon. Mudashiru Obasa, is the largest in the state’s history. 

The approved budget allocates N1.3 trillion for recurrent expenditure and N2.07 trillion for capital projects, signaling the government’s commitment to infrastructure development and economic growth.

Speaking during the session, the Chairman of the joint committee on appropriation and finance, Hon. Sa’ad Olumoh, highlighted the importance of the budget in addressing critical areas of need in the state.

The Speaker of the House, Rt. Hon. Mudashiru Obasa, praised the lawmakers for their dedication and meticulous review of the budget. He asked the Clerk of the House, Barr. Olalekan Onafeko, has been directed to transmit the approved budget to Governor Babajide Sanwo-Olu for his assent.

Governor Sanwo-Olu initially presented the proposed budget of N3.005 trillion to the House on November 21, highlighting a deficit financing of N408.9 billion. The Governor explained that the deficit would be financed through a mix of external and internal loans as well as bonds.

In addition to passing the budget, the Assembly also approved a bill consolidating laws on local government administration in the state. The new legislation integrates constitutional amendments and updates from the National Assembly, aimed at strengthening local governance in Lagos.

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