The Speaker of the Lagos State House of Assembly, Mudashiru Obasa, has assured that lawmakers will not delay the passage of the 2025 budget estimate, which amounts to N3.005 trillion.
Obasa gave this assurance shortly after Governor Babajide Sanwo-Olu presented the budget to the assembly in Ikeja on Thursday. The budget, titled ‘Budget of Sustainability’, outlines total revenue of N2.60 trillion and a deficit financing of N408.92 billion.
He emphasized that the assembly would begin work on the budget promptly to ensure its swift passage in the best interest of the state. He expressed hope that the 2025 budget would greatly benefit the people of Lagos but urged both the governor and the citizens to allow sufficient time for a thorough review of the financial document, given its significant impact on the lives of the people.
The Speaker reassured that, while the assembly would not delay the budget’s passage, it would prioritize ensuring that the interests of Lagosians are safeguarded, both socio-economically and politically. “We are your representatives at the House of Assembly, and we are committed to doing justice to every sector of the state’s economy,” he said.
Obasa acknowledged the challenging economic conditions faced by the state’s residents but expressed confidence that the strategic plans outlined in the budget would drive growth, attract investments, and improve living standards. He also highlighted that the ‘Renewed Hope Agenda’ of President Bola Tinubu was aimed at a long-term economic recovery for the nation, which he believes is both achievable and within reach. He urged the people to remain hopeful, stating that there is a light at the end of the tunnel.
The budget includes a recurrent expenditure of N1.239 trillion (41%) and a capital expenditure of N1.766 trillion (59%). Governor Sanwo-Olu indicated that the budget will be funded through a total revenue of N1.97 trillion and federal transfers amounting to N626 billion.
