The Lagos State House of Assembly has passed the 2025 appropriation bill into law, increasing the original budget presented by the State Governor, Babajide Sanwo-Olu, from N3.005 to of N3.4 trillion.
In the appropriation bill passed into law, the lawmakers, after one month of deliberation, increased the budget for the state by over 361 billion.
The approved budget is made of N1,295,630,197,452 as recurrent expenditure while N2,071,185,026,692 is earmarked as capital expenditure for the year ending December 31, 2025.
In the document presented by the governor before the lawmakers, N1.766 trillion was earmarked for capital expenditure while N1.239 trillion was set aside for recurrent expenditure for the year.
The approval followed the presentation of a report on the budget by the chairman of the joint committee on appropriation and finance, Sa’ad Olumoh, and the subsequent voice votes by lawmakers at a sitting presided over by the Speaker, Mudashiru Obasa.
Obasa, thereafter, directed the Clerk of the House, Barr. Olalekan Onafeko, to transmit a clean copy of the passed bill to Governor Babajide Sanwo-Olu for assent.
The Speaker, meanwhile, commended his colleagues for their painstaking efforts leading to the passage of the budget.
Recall that Governor Sanwo-Olu had on November 21, presented a proposal of N3.005 trillion to the House for approval.
The Governor, during the presentation, told the lawmakers that the budget has a deficit financing of N408,902 billion adding that the deficit would be financed from external and internal loans and bonds.
Meanwhile, the House, during plenary on Monday, also passed a bill to consolidate all laws on local government administration in Lagos State.
The bill further makes provisions based on constitutional amendments as well as amendments by the National Assembly which have direct effects on the local governments in Lagos State.
