What 2025 Lagos is supposed to look like through the proposed ₦3trillion budget of sustainability
The breakdown of the 2025 budget proposal sees recurrent expenditure of ₦1.239 trillion, which means 41 percent of the total budget. After this is the remaining 59 percent - a capital expenditure of ₦1.766 trillion.
Having pulled off giant strides in the current year, the plan for the imminent 2025 is for Lagos State to continue its forward-looking dash through the over N3trillion budget that Governor Babajide Sanwo-Olu presented to parliamentarians yesterday.
A chunk of the 2025 Appropriation Bill which was christened the “Budget of Sustainability” wants to build more rails, particularly the 68-km Green Line that will connect high-profile business districts starting from Marina to the Lekki Free Trade Zone.
Transportation has been a major source of government revenue, hence the reason officials are stepping up investments. Towards this, Mr Sanwo-Olu says an agreement has been reached with federal counterparts, which then means that work can begin.
At the Lagos State House of Assembly on Thursday, 21 November 2024, the day the bill was submitted to the speaker, Rt. Honourable Mudashiru Obasa and other representatives of districts, the governor explained that the budget is structured around five key pillars: infrastructure sustainability, economic diversification, social inclusion, human capital development, and environmental sustainability.
The sum of ₦2.267trillion was approved as the expenditure for the current year which was themed the Budget of Renewal. Ultimately, Mr Sanwo-Olu believes it has performed excellently as 2024 draws near to a close.
When Lagosians enter next year, according to their governor they should expect continuous efforts to go into building the city’s infrastructure. Already, according to the state chief executive tweeting via his X profile, we have completed 30 road projects, including bridges, which will be commissioned soon.
The breakdown of the 2025 budget proposal sees recurrent expenditure of ₦1.239 trillion, which means 41 percent of the total budget. After this is the remaining 59 percent – a capital expenditure of ₦1.766 trillion.
With regards to its financing, governor Sanwo-Olu shared that this will come from a combination of a projected revenue inflow of ₦2.597 trillion, and a deficit financing of ₦408.9 billion. Internally Generated Revenue (IGR), envisaged to be ₦1.971 trillion, as well as federal transfers of ₦626.1 billion will be where the state anticipates funding will emerge.
Picturing sectoral allocations in the proposed budget, Governor Sanwo-Olu said the Lagos State Government will spend ₦233.176 billion on environment pursuit and give ₦204.005 billion to health. These pair aren’t more important than the areas of education, security and social protection at ₦208.376billion, ₦124.073billion, and ₦47.077billion respectively, but they are key to maximising Lagos state’s tourism potential.
Let me assure the House that this budget is not just a statement of intentions but a practical, actionable framework designed to impact lives. From students and entrepreneurs in Yaba to the farmers and fishermen in Epe and Badagry, from the business executives and market women on Lagos Island to the factory workers in Ikorodu, this budget is all about the people of Lagos alone.
I also assure our residents of my commitment towards ensuring that this proposed budget is able to effectively recalibrate the State’s economy, stimulate economic growth and strengthen the positive trajectory.
The development of any megacity like ours is the responsibility of both the public and private sectors. To this end, we will continue to explore public-private-partnership strategies in the provision of infrastructure, social services, and the conversion of challenges [into] opportunities within the context of scarce resources.
Governor Sanwo-Olu having made his pitch of a budget proposal in a manner that was eloquent enough to drive home his message will now wait for the bill to be inspected by the state assembly.
Remarking about the next steps yesterday was the parliament’s speaker Rt. Hon. Obasa, appealing for sufficient time to enable the House to do a thorough job on a financial document that has [a] great influence on the lives of the people.
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Ayodelé is a Lagos-based journalist and the Content and Editorial Coordinator at Meiza. All around the megacity, I am steering diverse lifestyle magazine audiences with ingenious hacks and insights that spur fast, informed decisions in their busy lives.
