Lagos State Governor, Babajide Sanwo-Olu, has unveiled a N3.005 trillion budget for the year 2025, with a primary focus on infrastructure, tourism, and economic diversification. The budget, presented on Thursday to the Lagos State House of Assembly, is tagged the ‘Budget of Sustainability,’ reflecting the state’s dedication to long-term growth and development.

During a session led by Speaker Mudashiru Obasa, Governor Sanwo-Olu detailed the key elements of the proposed budget, which includes N2.6 trillion in total revenue and a deficit financing plan of N408.9 billion. The breakdown of the budget is as follows: Internally Generated Revenue (IGR) of N1.97 trillion and Federal Transfers of N626.1 billion.

Key allocations of the budget focus on infrastructure, with N1.76 trillion earmarked for capital expenditures, and N1.24 trillion for recurrent costs. Priority sectors include economic affairs (N908.7 billion), environment (N233.2 billion), health (N204 billion), education (N208.4 billion), security (N124.1 billion), and social protection (N47.1 billion).

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Governor Sanwo-Olu emphasized that the budget is structured around five pillars designed to enhance economic stability, social equity, and environmental sustainability. He highlighted that the proposed budget will impact communities across Lagos, from business executives in Lagos Island to farmers in Badagry and fishermen in Epe, aiming to create a future that meets both present and long-term needs.

“This budget is not just about intentions but about creating real opportunities for Lagos residents,” said the governor. He urged all stakeholders to contribute to building a sustainable Lagos that will foster growth and development for years to come.