The Lagos State House of Assembly has assured residents of a timely review and approval of the state’s 2025 budget proposal, totaling N3.005 trillion. Speaker Mudashiru Obasa gave this commitment following Governor Babajide Sanwo-Olu’s formal presentation of the budget on Thursday at the Assembly complex in Ikeja.
Tagged the “Budget of Sustainability,” the proposal aims to balance developmental goals with fiscal responsibility. It comprises projected revenue of N2.60 trillion and a financing deficit of N408.92 billion, with allocations of 41% to recurrent expenditure (N1.239 trillion) and 59% to capital expenditure (N1.766 trillion).
Assembly’s Commitment to Lagosians
Obasa pledged that the Assembly would begin immediate scrutiny of the budget to ensure its provisions align with the state’s socio-economic goals. “As representatives of the people, we are duty-bound to do justice to every sector of the economy,” the Speaker said.
While emphasizing the Assembly’s intent to avoid unnecessary delays, Obasa stressed the importance of a thorough review process. “We appeal to the governor and the people of Lagos State to allow us sufficient time to conduct a comprehensive assessment of this financial document, which holds significant influence on the lives of our residents,” he added.
Addressing Economic Challenges
The Speaker acknowledged the difficult economic climate facing Lagosians, citing inflation and other macroeconomic pressures. However, he expressed optimism that the budget’s strategic initiatives would drive growth, attract investments, and improve living standards across the state.
Obasa highlighted the alignment of the budget with the federal government’s “Renewed Hope Agenda,” championed by President Bola Ahmed Tinubu, which aims to stimulate national economic recovery. “Economic recovery is certain and achievable,” he said, urging citizens to remain hopeful.
Budget Breakdown
Governor Sanwo-Olu outlined that the N3.005 trillion budget will be financed by:
- Internally Generated Revenue: N1.97 trillion
- Federal Transfers: N626 billion
- Deficit Financing: N408.92 billion
The governor emphasized the importance of prioritizing infrastructure, healthcare, education, and social welfare to sustain Lagos as Nigeria’s economic hub.
Speaker’s Closing Remarks
Obasa reiterated that the Assembly’s review would prioritize the welfare of Lagosians, adding, “We are confident that this budget will address the current economic challenges and provide tangible benefits to the people of Lagos State.”
The Assembly’s quick yet meticulous approach to the budget’s passage is expected to reinforce Lagos’ position as a leader in economic resilience and innovation within Nigeria.
