Lagos Assembly passes N3.4trn 2025 budget
By Jeffrey Agbo
Lagos State House of Assembly has passed an appropriation bill of N3.367 trillion for the 2025 fiscal year.
The budget was approved during Monday’s plenary session presided over by Speaker Mudashiru Obasa.
The approval followed a report by Sa’ad Olumoh, Chairman of the Joint Committee on Appropriation and Finance. The budget comprises N1.295 trillion for recurrent expenditure and N2.071 trillion for capital expenditure, with a deficit financing of N408.9 billion to be sourced from internal and external loans and bonds.
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Governor Babajide Sanwo-Olu presented a proposal of N3.005 trillion on November 21, highlighting plans to address key developmental projects.
The Speaker praised the lawmakers for their dedication and directed the Clerk, Olalekan Onafeko, to forward the passed bill to the governor for assent.
Additionally, the assembly passed a bill consolidating laws on local government administration, incorporating recent constitutional amendments affecting local governments in the state.