Breaking: Lagos Assembly Approves Historic ₦3.4 Trillion Budget For 2025

The Lagos State House of Assembly on Monday approved a total budget of ₦3,366,815,224,144 for the 2025 fiscal year.

The approval came after the presentation of a report by Hon. Sa’ad Olumoh, Chairman of the Joint Committee on Appropriation and Finance, followed by a voice vote during a session chaired by the Speaker, Rt. Hon. Mudashiru Obasa.

The budget includes ₦1,295,630,197,452 for recurrent expenditure and ₦2,071,185,026,692 for capital expenditure, covering the fiscal year ending December 31, 2025.

Following the passage, Speaker Obasa instructed the Clerk of the House, Barr. Olalekan Onafeko, to forward the finalized bill to Governor Babajide Sanwo-Olu for assent. The Speaker also praised the lawmakers for their diligent work in ensuring the budget’s passage.

It is noteworthy that Governor Sanwo-Olu had initially presented a proposal of ₦3.005 trillion to the Assembly on November 21. The governor highlighted a budget deficit of ₦408.902 billion, which he said would be financed through internal and external loans as well as bonds.

In addition to the budget approval, the House also passed a bill consolidating all laws related to local government administration in Lagos State. The new legislation incorporates constitutional amendments and updates from the National Assembly that impact local governments within the state.