Lagos State Governor, Mr Babajide Sanwo-Olu, is set to present the appropriation bill for year 2025, expected to hit several trillions of Naira to the Lagos State House of Assembly today, Thursday, November 21, 2024.
The budget size, described as ambitious, according to a source is expected to be above the N 2.267 trillion of 2024.
The State Commissioner for Information and Strategy, Gbenga Omotoso, who disclosed this in a statement did not add the exact figure to be presented.
According to Omotoso, “Governor Babajide Olusola Sanwo-Olu will present the Y2025 Appropriation Bill to the Lagos State House of Assembly on Thursday, November 21, at noon.
Budget structure
“The budget, themed Budget of Sustainability,” is a blueprint for continuity, resilience and prosperity for Lagosians.
“It is structured around five key pillars, including Infrastructure Sustainability, Economic Diversification, and Institutional Reforms.
“Mr. Governor is expected to present an ambitious budget above the N2.3 trillion approved for Y2024.”
Recall that Governor Sanwo-Olu, had on January 18, 2024, signed the N2.267 trillion 2024 Appropriation Bill of Lagos State into law, ushering in a new expenditure cycle.
The governor, at a ceremony held in the State House, Alausa, assented to the “Budget of Renewal” days after the House of Assembly passed the proposed expenditure bill and transmitted it to the executive arm for approval.
Infrastructure
The State Government is prioritising spending on infrastructure, environment, education and technology, just as it significantly raised allocation to security and public safety.
Of the total budget, N1.315 trillion, representing 58 per cent, was allocated for capital expenditure, while the recurrent spending gulped N952.4 billion, which represented 42 per cent of the budget.
After signing the Appropriation Bill into law, Sanwo-Olu assured that the implementation of the budget would bring about new growth and improve quality of life for the State’s residents.
The budget was raised by N21.74 billion, which the Assembly approved before the final ratification.
The additional allocation, Sanwo-Olu said, was to ensure completion of key infrastructure and inject interventions into critical areas of priority as identified by the legislature.
He said: “The success of this Appropriation Law will be determined by how effective its implementation will be in relation to the wellbeing of our citizens.
“This administration is firmly committed to achieving the objectives and deliverables that have been set out in the budget. We believe this budget will not only help to advance economic growth and sustainability, it will also transform the lives of the residents and businesses.
“All the objectives laid out in the Appropriation Law align with our THEMES+ agenda. We, therefore, pledge to diligently work towards the completion of a lot of our ongoing projects and successfully bring forth the Greater Lagos we have talked about.
“We underscore the necessity of the collective responsibility to ensure the successful execution of this budget. The citizens must fulfil their civic obligation, as the effort to build the State is one that requires partnership.”
https://championnews.com.ng/2024/11/21/governor-soludo-presents-2025-budget-of-n606-9-billion/
Sanwo-Olu pledged that the State Government would uphold highest level of transparency and accountability in the implementation of the budget, while promising greatest benefits would be for greatest number of residents.
Adeleke Damilola (ACTION) is a versatile content writer with expertise in news writing and a seasoned media professional and broadcast specialist. Currently serving as News Editor for DNews Info, Damilola is also the CEO of the ACTION brand, committed to shaping lives and establishing a legacy of excellence for present and future generations.
