Governor Babajide Sanwo-Olu of Lagos State has unveiled a ₦3.005 trillion budget proposal for 2025, emphasizing infrastructural development and sustainability. The proposed budget, themed the “Budget of Sustainability,” highlights capital projects aimed at fostering economic growth and improving the quality of life for Lagosians.
The presentation was made on November 21, 2024, at the Lagos State House of Assembly in Alausa, with key state officials, including Deputy Governor Dr. Femi Hamzat and Speaker Mudashiru Obasa, in attendance.
Budget Breakdown
The proposed 2025 budget allocates ₦1.7 trillion to capital expenditures and ₦1.2 trillion to recurrent spending. According to Governor Sanwo-Olu, this balance ensures both immediate service delivery and long-term infrastructure development.
Revenue Sources:
- Internally Generated Revenue (IGR): ₦1.97 trillion
- Federal Transfers: ₦626.14 billion
These figures reflect Lagos State’s commitment to self-reliance while leveraging federal support to bolster its development agenda.
Key Pillars of the Budget
Governor Sanwo-Olu outlined five strategic pillars to drive the 2025 fiscal agenda:
- Infrastructure Sustainability:
Investments will focus on upgrading roads, bridges, rail systems, and digital infrastructure to meet the demands of Lagos’s growing population. Landmark projects like the Blue Line Rail Extension and road network enhancements will continue to improve mobility and resilience against climate change. - Economic Diversification:
To reduce over-reliance on oil, the budget supports sectors like technology, agribusiness, manufacturing, and tourism. Programs such as the Lagos State Employment Trust Fund (LSETF) will empower micro, small, and medium enterprises (MSMEs), creating jobs and boosting local production. - Social Inclusion and Human Capital Development:
Significant resources will enhance education, healthcare, and social welfare. Projects include the Massey Street Children’s Hospital, additional general hospitals, and expanded school facilities across the state. - Environmental Sustainability:
As a coastal state vulnerable to climate change, Lagos prioritizes waste-to-wealth initiatives, flood control, and renewable energy. Programs like the Lagos Climate Adaptation Resilience Plan aim to protect the environment and create jobs. - Governance and Institutional Reforms:
Strengthening governance systems, ensuring accountability, and leveraging technology for e-governance are key focuses. Public engagement through town halls and improved revenue collection will further enhance transparency and efficiency.
Progress and Achievements
Governor Sanwo-Olu also reviewed the achievements of previous budgets:
- Infrastructure Projects: Completion of 49 junction and road interventions, including the Ikeja underpass and several housing projects.
- Transportation: Launch of the Red Line Rail and expansion of Lagos Ferry Services.
- Housing: Delivery of affordable housing units through public-private partnerships in areas like Igando and Agboyi-Ketu.
- Education: Expansion of state universities and ongoing school facility upgrades.
Closing Remarks
Governor Sanwo-Olu concluded by reaffirming his administration’s commitment to building a resilient and inclusive Lagos. He expressed gratitude to the 10th Lagos State House of Assembly for their collaboration and support.
The 2025 Budget of Sustainability underscores Lagos’s readiness to address today’s challenges while securing a prosperous future for generations to come.
Paraphrased Blog Post: Lagos State Governor Presents 2025 ‘Budget of Sustainability’ to House of Assembly
Lagos State Governor Babajide Olusola Sanwo-Olu has unveiled the 2025 Budget Proposal, aptly titled the “Budget of Sustainability,” to the Lagos State House of Assembly. The ambitious budget focuses on driving economic growth, enhancing public services, fostering sustainability, and improving the quality of life for all Lagosians.
Achievements and Programs Highlighted
Food Security and Economic Growth
The administration has made remarkable progress in securing food availability and empowering farmers through various agricultural initiatives:
- Agri-Innovation Clubs and Agrithon Grants
- Youth Homestead Farming Projects in 57 LCDAs
- Lagos Agripreneurship Programme (L.A.P.) and Lagos Butchers Academy
- The Eko Fresh Initiative, Cattle Feedlot Project, and Discount Food Markets in 59 locations
These programs collectively boost food production, create jobs, and stimulate Lagos’ economy.
Support for MSMEs and Startups
Lagos remains a hub for Micro, Small, and Medium Enterprises (MSMEs) and tech startups, driving innovation and economic progress:
- Financial Support Initiatives:
- Lagos Market Trader Money initiative benefitting 15,000 traders with ₦50,000 each.
- Over 15,000 MSMEs received grants and loans through the Lagos State Employment Trust Fund (LSETF).
- Tech and Startup Investments:
- The state is home to six out of Africa’s eight technology unicorns.
- Programs like Lagos Innovates, Eko Digital Academy, and the Premier Fintech Timbuktoo Hub (in partnership with UNDP and the Federal Government) are fostering tech growth, skill development, and job creation.
Arts, Culture, and Tourism Development
The administration is revitalizing cultural and historical landmarks, enhancing tourism, and preserving Lagos’ rich heritage:
- Redevelopment of the J.Randle Center for Yoruba Culture and History
- Restoration of Agia Tree Cenotaph, a symbol of Christianity’s introduction to Nigeria
- Refurbishment of historic sites like the Elemoro Palace and Princess Erelu Kuti Tomb
These projects aim to promote cultural appreciation while boosting economic activity through tourism.
Environmental Sustainability
Lagos is taking bold steps to address environmental challenges and promote sustainability:
- Restoration of drainage systems in critical areas, including Alaba International Market, Ojodu, and Ikorodu.
- Partnerships for waste-to-energy projects, including MOUs with the JOSPONG Group and Harvest Waste Limited.
- Establishment of Recycling Banks in schools and housing estates to encourage sustainable waste management.
- Beautification and landscaping projects have transformed areas like Ikoyi, Lekki, and Alimosho into serene recreational spaces.
Governance and Institutional Reforms
Technological Advancements
The administration is leveraging technology to digitize governance, streamline operations, and improve service delivery:
- Integration of the Cowry Card for seamless public transportation.
- Launch of the Lagos Revenue Portal (LRP) and Land Administration e-Portal.
- Deployment of e-tax platforms and real-time revenue monitoring.
- Development of the Lagos Smart City Project, including a Tier 3 Data Center and the ongoing KITE Yaba Tech Hub.
Security and Public Safety
Significant investments in security include:
- Advanced surveillance systems with smart cameras for real-time monitoring.
- Expansion of the Lagos Neighbourhood Safety Corps (LNSC) and Emergency Call Center.
- Clearing and restoring high-risk areas like Dolphin Bridge and Apongbon Underbridge.
Budget Overview for 2025
The proposed budget for 2025 amounts to ₦3.005 trillion, comprising:
- Total Revenue: ₦2.597 trillion
- Deficit Financing: ₦408.9 billion (via loans and bonds)
- Recurrent Expenditure: ₦1.239 trillion (41%)
- Capital Expenditure: ₦1.766 trillion (59%)
Key allocations include:
- Economic Affairs: ₦908.7 billion
- Education: ₦208.4 billion
- Health: ₦204 billion
- Environment: ₦233.2 billion
- Security: ₦124 billion
Governor’s Commitment
Governor Sanwo-Olu emphasized that the 2025 Budget is a practical framework aimed at meeting present needs while creating opportunities for future generations. He acknowledged the role of public-private partnerships and commended Lagosians for their trust and cooperation.
With this bold proposal, the administration is poised to propel Lagos towards becoming a more sustainable, inclusive, and globally competitive megacity.
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