Lagos State Governor, Mr. Babajide Sanwo-Olu, yesterday presented the 2025 Budget proposal of over N3.005 trillion to the State House of Assembly for passage into law.
Governor Sanwo-Olu made the presentation at a plenary session presided over the Speaker of the House Hon. Mudashiru Ajayi Obasa, tagged the budget, : “Budget of Sustainability,” which
comprises a Total Revenue of N2,597,034,000,000 and Deficit Financing of N408,902,000,000.
The governor further said that his administration had proposed in the budget a total of N1.239trn (41%) for recurrent expenditure,comprising total overhead, total personnel cost and recurrent debt service, while a sum of N1.766trn (59%)was proposed for capital expenditure.
Giving sectoral allocation of the proposed budget, Sanwo-Olu said Economic Affairs had a sum of N908.699bn for it; Environment, N233.176bn; Health, N204.005bn;
Education, N208.376bn;
Security, Safety and Public Order, N124.073bn and Social Protection – N47.077bn.
“Mr. Speaker, it is now my pleasure to present to you today the Y2025 Budget proposal, tagged ‘Budget of Sustainability.’
“The Year 2025 Budget as proposed has a total budget size of Three Trillion, Five Billion, Nine Hundred and Thirty Five Million, One Hundred and Ninety Eight Thousand, Four Hundred and One Naira (N3,005,935,198,401), comprising a Total Revenue of Two Trillion, Five Hundred and Ninety Seven Billion, and Thirty Four Million (N2,597,034,000,000) and Deficit Financing of Four Hundred and Eight Billion, Nine Hundred and Two Million Naira (N408,902,000,000).
“Total Revenue comprises our Internally Generated Revenue of One Trillion, Nine Hundred and Seventy Billion, Eight Hundred and Ninety Seven Million Naira (N1,970,897,000,000), and Total Federal Transfers of Six Hundred and Twenty Six Billion, One Hundred and Thirty Seven Million Naira (N626,137,000,000).
“We equally propose a recurrent expenditure of One Trillion, Two Hundred and Thirty Nine Billion Naira, Eight Hundred and Eighteen Million Naira (N1,239,818,000,000) comprising total overhead, total personnel cost and recurrent debt service, as follows:
“Total Overhead Cost: N722.586 Billion, as follows:
Overhead: N432.580 Billion
Subventions: N139.728 Billion
Dedicated Funds: N150.278 Billion
Total Personnel Cost: N392.000 Billion
Recurrent Debt Charges: N125.232 Billion
“For Capital Expenditure, we propose a total figure of N1.766,117 Trillion, as follows:
Capital expenditure: N1.452 Trillion Naira Repayments: N313.515 Billion Naira,” Sanwo-Olu said.
“Mr. Speaker, Honorable Members of this esteemed House, I hereby present highlights of sectoral allocation in the budget:
Economic Affairs – 908.699 billion Naira
Environment – 233.176 billion Naira
Health – 204.005 billion Naira
Education – 208.376 billion Naira
Security, Safety and Public Order – 124.073 billion Naira
Social Protection – 47.077 billion Naira
“Mr. Speaker, as you will notice, the budget size is made up of recurrent expenditure of N1.239 Trillion (41%) and capital expenditure of N1.766 Trillion (59%). The deficit financing, which is within our fiscal sustainability parameters, shall consist of external and internal loans and bonds,” he added.