Sanwo-Olu presents 2025 Budget of N3 Trillion.

Sanwo-Olu presents 2025 Budget of N3 Trillion.

By Fashina Shakiru

Governor Babajide Sanwo-Olu has presented the 2025 fiscal year budget of N3,005,935,198,401 to the Lagos state House of Assembly, in Alausa, the state Capital.

In his presentation to the House, the Governor disclosed that the Y2025 Budget proposal, tagged “Budget of Sustainability”, as proposed of 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).
 
He noted that “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).”
 
While the Governor equally proposed 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, the Governor proposed a total figure of N1.766,117 Trillion, as follows:
▪ Capital expenditure: N1.452 Trillion Naira
▪ Repayments: N313.515 Billion Naira
 
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.

However, 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, Sanwo-Olu said.