Lagos State Governor Babajide Sanwo-Olu is set to present the 2025 Appropriation Bill to the Lagos State House of Assembly today, Thursday, November 21, 2024. The proposed budget, anticipated to exceed several trillion Naira, is expected to surpass the ₦2.267 trillion allocated for 2024.
This year’s budget, themed “Budget of Sustainability,” focuses on continuity, resilience, and prosperity for Lagosians. According to the Lagos State Commissioner for Information and Strategy, Gbenga Omotoso, the budget is built around five key pillars: Infrastructure Sustainability, Economic Diversification, Institutional Reforms, Human Capital Development, and Environmental Stewardship.
A key highlight of Governor Sanwo-Olu’s agenda is the establishment of a $100 million Film Village. This initiative aligns with the government’s vision of making Lagos a global hub for the entertainment and creative industries, thereby fostering job creation and economic diversification.
Governor Sanwo-Olu signed the ₦2.267 trillion 2024 Appropriation Bill into law on January 18, 2024. Dubbed the “Budget of Renewal,” it marked a significant financial commitment to infrastructure, education, environmental initiatives, and technology. It also prioritized security, allocating 58% (₦1.315 trillion) to capital expenditure and 42% (₦952.4 billion) to recurrent spending.
The budget was increased by ₦21.74 billion before its final endorsement, following amendments by the Lagos State House of Assembly. These additional funds were earmarked for completing critical infrastructure projects and addressing key priority areas identified by the legislature.
During the signing ceremony, Governor Sanwo-Olu expressed confidence that the 2024 budget would catalyze economic growth and improve the quality of life for Lagosians. He emphasized the importance of effective implementation, stating:
“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 set out in the budget.”
The proposed 2025 budget aligns with the administration’s THEMES+ agenda, which prioritizes Transportation, Health, Education, Making Lagos a 21st Century Economy, Entertainment and Tourism, Security, and Governance. Governor Sanwo-Olu reaffirmed his commitment to transparency and accountability in implementing the budget, stressing the need for collective effort from citizens and the government to achieve a “Greater Lagos.”
He further noted, “This budget is designed to advance economic sustainability, transform lives, and complete ongoing projects. We call on Lagosians to fulfil their civic obligations and partner with us in building a better State.”
