Governor Babajide Olusola Sanwo-Olu is set to present the Y2025 Appropriation Bill to the Lagos State House of Assembly on Thursday, November 21, 2024, at noon. This highly anticipated event will unveil the “Budget of Sustainability,” a comprehensive plan to foster continuity, resilience, and prosperity for Lagosians.
The Y2025 budget, dubbed the “Budget of Sustainability,” 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 programmes. “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.
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 modernizing 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. Speaking earlier in the year, during the Y2025 budget consultative forum held in the Ikeja Division at Agidingbi, Ope George, the state Commissioner for Economic Planning and Budget said, “The aim of this forum is to promote citizens’ participation in preparing the next budget.” This inclusive approach is expected to foster economic growth and create new opportunities for Lagosians.
The forum is an annual event where the Lagos State Government engages with residents to gather their input and feedback on the budget. The forum ensures that citizens’ voices are heard and their needs are considered in the budget preparation process. The consultative forums are held in various divisions across the state, including Ikeja, Ikorodu, Epe, and Badagry.
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 prioritize 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.
Governor Sanwo-Olu is expected to present an ambitious budget exceeding the N2.3 trillion approved for Y2024. This increase 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.
