Ayodele Olalere
Lagos State governor Babajide Sanwo-Olu has presented a N3,005,935,198,401 2025 budget to the Lagos House of Assembly.
The governor presented the budget on Thursday afternoon at the House chamber to the members of the assembly.
The Year 2025 budget comprises of total revenue of N2,597,034,000,000 and deficit financing of N408,902,000,000
Total Revenue comprises Internally Generated Revenue, IGR of N1,970,897,000,000 and total federal transfers of N626,137,000,000.
The budget also propose a recurrent expenditure of N1,239,818,000,000 comprising total overhead, total personnel cost and recurrent debt service of N722.586billion, overheard cost of N432.580billion, subventions of N139.728billion, dedicated fund of N150.278 billion, total personnel cost of N392.000billion and recurrent debt charges: of N125.232billion
For Capital Expenditure, the budget proposes a total figure of N1.766,117trillion with capital expenditure to gulp N1.452trillion and repayments of N313.515billion.
A breakdown of the budget also indicated that economic affairs takes N908.699billion, environment N233.176billion, Health N 204.005 billion, education N208.376 billion, Security, Safety and Public Order N124.073 billion and Social Protection N47.077billion.
On the ratio, the recurrent expenditure takes 41% while the capital expenditure occupies 59%.
The governor said the deficit financing will consist of external and internal loans and bonds.