The Lagos State House of Assembly on Monday approved a total sum of N3,366,815,224,144 as the total budget of the state for 2025.
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 submissions by lawmakers at a sitting presided over by the Speaker, Mudashiru Obasa.
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.
Obasa, thereafter, directed the Clerk of the House, Olalekan Onafeko, to transmit a clean copy of the passed bill to Governor Babajide Sanwo-Olu for assent.
The Speaker commended his colleagues for their painstaking efforts leading to the passage of the budget.
Governor Sanwo-Olu had on November 21 presented a proposal of N3.005tn to the House for approval.
The governor, during the presentation, told the lawmakers that the budget had a deficit financing of N408.9bn adding that the deficit would be financed from external and internal loans and bonds.
During Monday’s plenary, the House also passed a bill to consolidate all laws on local government administration in Lagos State.
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