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.<\/p>\n
The approval followed the presentation of a report on the budget by the chairman of the joint committee on appropriation and finance, Hon. Sa’ad Olumoh, and the subsequent voice votes by lawmakers at a sitting presided over by the Speaker, Rt. Hon. Mudashiru Obasa.<\/p>\n
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.<\/p>\n
Dr. Obasa, thereafter, directed the Clerk of the House, Barr. Olalekan Onafeko, to transmit a clean copy of the passed bill to Governor Babajide Sanwo-Olu for assent.<\/p>\n
The Speaker commended his colleagues for their painstaking efforts leading to the passage of the budget.<\/p>\n
Recall that Governor Sanwo-Olu had on November 21, presented a proposal of N3.005 trillion to the House for approval.<\/p>\n
The Governor, during the presentation, told the lawmakers that the budget has a deficit financing of N408,902 billion adding that the deficit would be financed from external and internal loans and bonds.<\/p>\n
Meanwhile, the House, during plenary on Monday, also passed a bill to consolidate all laws on local government administration in Lagos State.<\/p>\n
The bill further makes provisions based on constitutional amendments as well as amendments by the National Assembly which have direct effects on the local governments in Lagos State.<\/p>\n
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