By Abidemi Samuel
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The Lagos State House of Assembly has given its seal of approval to a whopping N3.366 trillion budget for 2025, surpassing Governor Babajide Sanwo-Olu’s initial proposal of N3.005 trillion by N361 billion. This development marks a significant milestone in the state’s fiscal planning for the upcoming year.
Breakdown of the Budget:
The approved budget is comprised of: N1.295 trillion as recurrent expenditure, which covers the state’s operational costs, including salaries, pensions, and overheads. N2.071 trillion as capital expenditure, earmarked for infrastructure development, including roads, bridges, and public buildings. The budget has a deficit financing of N408.902 billion, which will be financed through a combination of external and internal loans, as well as bonds. The passage of the budget followed the presentation of a report by the Chairman of the joint Committee on Appropriation and Finance, Hon. Sa’ad Olumoh.
The lawmakers subsequently voted in favor of the budget during a sitting presided over by the Speaker, Rt. Hon. Mudashiru Obasa.
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