Barring any last-minute change, the Lagos state Governor, Babajide Sanwo-Olu is expected to present the appropriation bill for the year 2025, which is anticipated to exceed several trillion Naira, to the Lagos State House of Assembly today, Thursday, November 21, 2024.
The Lagos government will establish a $100 million Film Village, as stated by Sanwo-Olu.
The proposed budget, characterized as ambitious, is expected to surpass the ₦2.267 trillion allocated for 2024, according to a source.
The State Commissioner for Information and Strategy, Gbenga Omotoso, who made this announcement in a statement, did not specify the exact amount 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.
“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.”
Governor Sanwo-Olu officially enacted the ₦2.267 trillion 2024 Appropriation Bill for Lagos State on January 18, 2024, marking the commencement of a new expenditure cycle.
During a ceremony at the State House in Alausa, the governor endorsed the “Budget of Renewal” shortly after the House of Assembly had passed the proposed expenditure bill and forwarded it to the executive for approval.
The State Government is focusing its spending on infrastructure, environmental initiatives, education, and technology, while also significantly increasing the budget allocation for security and public safety.
Out of the total budget, ₦1.315 trillion, which accounts for 58 percent, has been designated for capital expenditure, whereas recurrent spending amounts to ₦952.4 billion, representing 42 percent of the overall budget.
Following the signing of the Appropriation Bill, Sanwo-Olu expressed confidence that the budget’s implementation would foster new growth and enhance the quality of life for residents of the State.
The budget was increased by ₦21.74 billion, a change that was approved by the Assembly prior to the final endorsement.
Sanwo-Olu indicated that this additional funding was intended to ensure the completion of essential infrastructure projects and to provide interventions in critical priority areas 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.”
The Lagos State Governor pledged that his administration 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.