Jan. 9, 2025

The Chairman of the Lagos House of Assembly Joint Committee on Appropriation and Finance, Hon. Sa’ad Olumoh, has disclosed that for the first term, the internal revenue service of the State has crossed the N1 trillion mark in terms of IGR.

He said this during the signing of the 2025 Appropriation Bill tagged “Budget of Sustainability” by the Lagos State Governor, Mr. Babajide Sanwo-Olu, on Thursday.

“I want to say categorically that the THEMES agenda in the first term of Mr. Governor and the THEMES+ agenda have been meticulously packaged, and Lagosians have been benefitting from the agenda of Mr. Governor.

“We can see that Lagos is the first in almost everything that is done in this country. That tells the dedication and purposefulness in your (Governor Sanwo-Olu) leadership, and I want to celebrate you,” he told the governor.

“I want to also celebrate your excellent relationship with the House of Assembly. The Speaker of the Lagos State House of Assembly, Rt. Hon. Mudashiru Obasa, has always been in the forefront of ensuring that whatever Mr. Governor wants the House to do, it is done, and we will continue to do that to ensure that Lagos moves forward.

“This budget was meticulously looked through during the budget defence period. Everything we did, we did it together to ensure that we got to where we are. We have carefully looked into the Electricity Bill.

“We have looked into the issue of variation, and we have looked into so many things that are dear to the government. We celebrate you and appreciate what you have done in terms of road infrastructure, and we want to pray that you continue in this light.”

Speaking earlier, the Lagos State Commissioner for Economic Planning and Budget, Mr. Ope George, said the budget is not only the largest in history but also positions Lagos as the first sub-national government in Nigeria to pass a budget of the magnitude.

George said the 2025 budget reflects the Babajide Sanwo-Olu administration unwavering commitment to economic growth, infrastructural development, and the welfare of all Lagosians.

He said: “This historic budget underscores our commitment to prioritising infrastructure with 62 percent allocated to capital expenditure and 38 percent to recurrent spending. This allocation represents our focus on driving long-term investments while maintaining efficient delivery of essential services.

“Our revenue framework, which projects N2.342 trillion from total Internally Generated Revenue and N626.137 billion from federal transfers, is anchored on innovation, accountability, and fiscal sustainability. A deficit financing of N398.662 billion has also been carefully structured to ensure financial prudence.”

It would be recalled that the Lagos State House of Assembly on Monday approved a budget of N3.366 trillion for the 2025 fiscal year, injecting an additional N360.88 billion into Governor Babajide Sanwo-Olu’s initial proposal of N3.005 trillion.

The budget allocates N1.3 trillion for recurrent expenditure and N2.07 trillion for capital projects, with the financial year ending on 31st December 2025.