Sanwo-Olu Approves Landmark N3.36 Trillion Budget for Sustainable Growth
Lagos State has made history with the approval of its largest budget to date, a remarkable N3.36 trillion fiscal plan for 2025. Governor Babajide Sanwo-Olu officially signed the Appropriation Bill into law on Thursday, describing it as a forward-thinking “Budget of Sustainability.” This ambitious budget marks a significant 32.5% increase from last year’s allocation, reflecting the state’s commitment to addressing its developmental challenges and positioning itself as a model for other sub-national entities.
The signing ceremony, held at the Lagos House in Ikeja, was attended by key government officials, including Deputy Governor Dr. Obafemi Hamzat and Secretary to the State Government Abimbola Salu-Hundeyin. The governor expressed his gratitude to the Lagos State House of Assembly for expediting the approval process, underscoring the importance of collaboration between the executive and legislative arms in driving the state’s progress.
“This budget represents more than numbers; it’s a vision for continuity, resilience, and sustainable development,” Sanwo-Olu remarked. “With this historic step, we reaffirm our commitment to creating a Greater Lagos—one that meets the needs of today while preparing for the challenges of tomorrow.”
The governor emphasized that implementing the budget efficiently will be the most critical task in the coming months. With a bold target of achieving 90 to 95 percent implementation, the administration is focused on delivering tangible outcomes for the people of Lagos. The plan prioritizes robust infrastructure development, human capital investment, and economic resilience, all designed to enhance the quality of life for residents.
At the heart of the budget lies a vision to meet the demands of Lagos’s rapidly growing population. The governor highlighted the need for durable and adaptable infrastructure capable of supporting the state’s dynamic urban landscape. From roads and transportation networks to healthcare and education facilities, the administration is committed to building a city that works for all its residents.
Sanwo-Olu also stressed the importance of fostering economic growth through diversification. By leveraging multiple sectors, including technology, tourism, and manufacturing, Lagos aims to build a resilient economy that can withstand global uncertainties. The administration has set ambitious revenue generation targets, with a projected N2.34 trillion to be sourced internally, complemented by federal allocations.
The budget’s focus extends beyond physical infrastructure to address pressing social and environmental challenges. The governor reiterated the state’s leadership in climate action, noting that Lagos was the first in Nigeria to establish a dedicated Climate Change Department. A significant portion of the budget will be directed toward environmental sustainability initiatives, reflecting a commitment to protecting the state’s natural resources and mitigating the impacts of climate change.
Education and healthcare remain central to the administration’s agenda, with significant investments aimed at nurturing a skilled workforce and delivering world-class medical services. Governor Sanwo-Olu expressed confidence that these efforts will yield long-term benefits, empowering the next generation and improving overall well-being across the state.
Security and social protection have also been prioritized to ensure the safety of all residents and provide support for vulnerable populations. The administration has pledged to create an inclusive society where no one is left behind, aligning with its vision of shared prosperity.
As Lagos embarks on this transformative journey, the collaboration between the government and citizens will be crucial. The governor called on all stakeholders, including private sector partners, civil society groups, and residents, to join hands in building a better future.
blogpay
Total Comments: 0