Recurrent Expenditure N1.24tn (41%) Capital Expenditure N1.77tn (59%
Lagos State Governor Babajide Sanwo-Olu has announced a N3 trillion 2025 budget.
Presenting the 35-page proposal to the Lagos State House of Assembly on Thursday, the governor reeled out the landmark achievements of his administration, as well as its plan for the future of the state.
The budget envisaged a total revenue of N2.597tn and a deficit of N408bn and projected a total Internally Generated Revenue, IGR, of N1,970,897,000,000, and a total federal transfer of N626,137,000,000.
The Governor, in his remarks, said, “The Y2025 Budget proposal, tagged “Budget of Sustainability”.
“The Year 2025 Budget as proposed has a total budget size of Three Trillion, Five Billion, Nine Hundred and Thirty-Five Million, One Hundred and Ninety-Eight Thousand, Four Hundred and One Naira N3,005,935,198,401).
The total budget, according to the governor has a total Revenue of Two Trillion, Five Hundred and Ninety Seven Billion, and Thirty Four Million (N2,597,034,000,000) and Deficit Financing of Four Hundred and Eight Billion, Nine Hundred and Two Million Naira (N408,902,000,000).
“Total Revenue comprises our Internally Generated Revenue of One Trillion, Nine Hundred and Seventy Billion, Eight Hundred and Ninety-Seven Million Naira (N1,970,897,000,000), and Total Federal Transfers of Six Hundred and Twenty-Six Billion, One Hundred and Thirty-Seven Million Naira (N626,137,000,000).
“We equally propose a recurrent expenditure of One Trillion, Two Hundred and Thirty-Nine Billion Naira, Eight Hundred and eighteen Million Naira (N1,239,818,000,000) comprising a 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:
Propose a total figure of N1.766,117 Trillion:
▪ Capital expenditure: N1.452 Trillion Naira
▪ Repayments: N313.515 Billion Naira
BUDGET HIGHLIGHTS:
▪ Economic Affairs – 908.699 billion Naira
▪ Environment – 233.176 billion Naira
▪ Health – 204.005 billion Naira
▪ Education – 208.376 billion Naira
▪ Security, Safety and Public Order – 124.073 billion Naira
▪ Social Protection – 47.077 billion Naira
The governor further said, 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.”
