In a significant move towards sustainable development, Governor Babajide Olusola Sanwo-Olu today presented the Year 2025 Budget Estimates of N3.005 trillion to the Lagos State House of Assembly. The budget, aptly christened the “Budget of Sustainability,” aims to foster continuity, resilience, and prosperity for Lagosians.
The Y2025 budget is structured around five key pillars: Infrastructure Sustainability, Economic Diversification, Institutional Reforms, Social Inclusion, and Environmental Protection. These pillars are designed to address the multifaceted needs of Lagos, ensuring a balanced approach to development and growth.
Governor Sanwo-Olu’s administration has emphasised the importance of these pillars in previous budgets, with significant investments in infrastructure and social programs. “We are committed to building a Lagos that is resilient and sustainable, where every Lagosian can thrive,” Sanwo-Olu stated during a recent budget consultative forum.
The total budget for Y2025 is N3.005 trillion, with a capital expenditure of N1.7 trillion (59%) and a recurrent expenditure of N1.2 trillion (41%). This allocation reflects the administration’s commitment to driving substantial progress across all sectors. “Our goal is to ensure that Lagos remains a pacesetter for other African cities, with a robust economy and world-class infrastructure,” Sanwo-Olu emphasised.
The Year 2024 budget, as of September 2024, has achieved an impressive 85% performance. This performance underscores the administration’s efficiency in implementing its financial plans and delivering on its promises. “The success of this Appropriation Law will be determined by how effective its implementation will be in relation to the wellbeing of our citizens,” Sanwo-Olu remarked during the budget presentation.
One of the primary focuses of the Y2025 budget is infrastructure sustainability. The state government has consistently allocated a substantial portion of its budget to infrastructure development. In the Y2024 budget, 23% was dedicated to infrastructural projects, including the ongoing construction of the Opebi-Mende-Ojota link bridge and the Blue Line (phase II). The Y2025 budget is expected to continue this trend, with even more ambitious projects aimed at modernising the city’s infrastructure.
Economic diversification is another critical pillar of the Y2025 budget. The Lagos State Government has been proactive in seeking residents’ input to ensure the budget meets their needs. This inclusive approach is expected to foster economic growth and create new opportunities for Lagosians.
Institutional reforms are essential for enhancing governance and service delivery. The Y2025 budget will likely include measures to streamline government operations and improve efficiency. “We are committed to all-inclusive governance, ensuring that every Lagosian’s voice is heard and their needs are met,” George added.
The budget will also prioritise social inclusion and environmental protection. Initiatives such as the Ounje EKo Foodbank and free medical services for children, the elderly, and pregnant women have been pivotal in addressing social needs. Environmental protection efforts will focus on sustainable practices to safeguard Lagos’s natural resources for future generations.