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…To spend N1.766trn on capital expenditure, N1.239trn on recurrent expenditure
…Economic affairs receives N908.699bn, health N204.005bn, education N208.376bn
Lagos State Governor, Babajide Sanwo-Olu, on Thursday, presented the 2025 Budget proposal of N3,005,935,198,401 to the State House of Assembly.
Speaking at the presentation of the budget tagged, ‘Budget of Sustainability’, the governor said the proposal comprises a total revenue of N2,597,034,000,000 and deficit financing of N408,902,000,000.
The governor further said his administration had proposed in the budget a total of N1.239 trillion (41%) for recurrent expenditure, comprising total overhead, total personnel cost and recurrent debt service, while a sum of N1.766 trillion (59%) was proposed for capital expenditure.
Giving sectoral allocation of the proposed budget, Sanwo-Olu said economic affairs had a sum of N908.699 billion; environment, N233.176 billion; health, N204.005 billion; education, N208.376 billion; security, safety and public order, N124.073 billion and social protection N47.077 billion.
Sanwo-Olu said: “It is now my pleasure to present to you today the Year 2025 Budget proposal, tagged Budget of Sustainability.
“The Year 2025 Budget as proposed has a total budget size of N3,005,935,198,401, comprising a total revenue of N2,597,034,000,000 and deficit financing of N408,902,000,000.
“Total revenue comprises our Internally Generated Revenue (IGR) of N1,970,897,000,000 and total federal transfers of N626,137,000,000.
“We equally propose a recurrent expenditure of 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, we propose a total figure of N1.766,117 trillion, as follows: capital expenditure: N1.452 trillion and repayments: N313.515 billion.
“Mr. Speaker, Honorable Members of this esteemed House, I hereby present highlights of sectoral allocation in the budget: Economic Affairs – N908.699 billion;
Environment – N233.176 billion; Health – N204.005 billion; Education – N208.376 billion; Security, Safety and Public Order – N124.073 billion; and Social Protection – N47.077 billion.
“Mr. Speaker, as you will notice, 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,” he said.
Reacting to the budget presentation, the Speaker of the House, Mudashiru Obasa, said the budget was presented at the right time.
Obasa promised the governor that the House would look at the budget and do the necessary scrutiny as usual.
He said: “We want to assure Mr Governor that this honourable House will look at the budget and do the necessary scrutiny as usual.
“But it should be noted that this institution remains resolute. We will never be disgraced, abused or ridiculed in the name of creating a seamless working ambience.”
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