Lagos State Governor, Babajide Sanwo-Olu, has presented a record-breaking ₦3 trillion budget proposal for the 2025 fiscal year to the Lagos State House of Assembly.
The presentation, themed the “Budget of Sustainability,” took place on Monday at the State House in Alausa, Ikeja.
Governor Sanwo-Olu described the proposed budget as a commitment to ensuring Lagos remains a hub of prosperity and innovation.
“A Bold Vision for Lagos”
The governor said the 2025 budget focuses on driving infrastructure development, economic growth, and better public services for residents.
“This budget is a blueprint for continuity, resilience, and prosperity for Lagosians,” Sanwo-Olu declared.
He explained that the budget is built around five key pillars: infrastructure, sustainability, economic diversification, institutional reforms, and social development.
These pillars, according to him, align with his administration’s vision of maintaining Lagos as a globally competitive city.
“The Largest Budget in Lagos History”
At over ₦3 trillion, the proposed budget surpasses the ₦2.267 trillion 2024 budget signed into law earlier this year.
The 2024 budget, approved in January, was seen as ambitious, but the new proposal sets an even higher bar for state spending.
Sanwo-Olu emphasized that the 2025 proposal reflects Lagos’ rising financial capacity and the government’s dedication to sustainable development.
“We are charting a course for long-term prosperity, ensuring that every Lagosian benefits from our efforts to grow the economy and improve livelihoods,” he said.
“Key Focus Areas of the Budget”
The governor highlighted several sectors that will receive significant funding under the proposed budget.
These include road construction, public transportation, healthcare, education, and housing.
Sanwo-Olu noted that infrastructure development would be a top priority, with several major projects aimed at reducing traffic congestion and improving connectivity across the state.
He also promised that efforts to diversify Lagos’ economy would accelerate, with a focus on supporting small and medium-scale enterprises.
“We are building an economy that is not only resilient but also diversified enough to create jobs and drive wealth creation,” he said.
“Government Officials Praise the Proposal”
Deputy Governor, Dr. Femi Hamzat, praised the governor’s vision, describing the budget as a “comprehensive plan to secure Lagos’ future.”
Speaker of the Lagos State House of Assembly, Mudashiru Obasa, commended Sanwo-Olu for his administration’s focus on improving the lives of Lagosians.
“The governor has shown once again that he is deeply committed to the welfare of the people,” Obasa said.
He assured Lagosians that the House would thoroughly review the proposal to ensure it serves the best interests of the state.
“Challenges Ahead for the Ambitious Budget”
While the proposed budget has been hailed as visionary, analysts warn that its success will depend on effective implementation and revenue generation.
Sanwo-Olu acknowledged the challenges, noting that the state would rely on innovative financing strategies and public-private partnerships to achieve its goals.
“We cannot do this alone. Collaboration with stakeholders and prudent financial management will be critical,” he said.
“Continuing the Legacy”
The proposed budget builds on the successes of the 2024 fiscal plan, which saw significant investments in infrastructure and public services.
Sanwo-Olu’s administration completed several road projects, expanded healthcare facilities, and launched new housing initiatives under the 2024 budget.
The 2025 budget aims to sustain these gains while addressing new challenges posed by Lagos’ growing population and urbanization.
“Lagosians React”
The announcement of the budget has sparked mixed reactions from Lagosians.
While many have praised the government’s focus on infrastructure and economic growth, others have expressed concerns about transparency and the efficient use of funds.
“A ₦3 trillion budget sounds great on paper, but we need to see real results on the ground,” said Oluwole Adebayo, a resident of Ikeja.
“This government must ensure that every kobo is spent on projects that benefit the people.”
