The Lagos State House of Assembly on Monday deliberated on the 2025 appropriation bill of N3.005 trillion presented by Governor Babajide Sanwo-Olu.
The proposal, unveiled last Thursday, was forwarded to a joint committee on appropriation and finance for a comprehensive review, with a directive to report back within a month.
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EKO HOT BLOG reports that Speaker Mudashiru Obasa, who presided over the session, emphasized the importance of thoroughly examining the proposed budget to ensure its alignment with the state’s development priorities.
Chairman of the House Committee on Budget and Economic Planning, Hon. Sa’ad Olumoh, provided an overview of the bill during the plenary. He raised concerns over the projected N408 billion deficit financing, advocating for cautious borrowing. “Loans can be beneficial if deployed for their intended purposes, but we must adopt sustainable and pragmatic approaches to budget financing,” Olumoh noted. He recommended exploring alternatives like Public-Private Partnerships (PPPs) and called on lawmakers to meticulously scrutinize the proposal to avoid wastage.
While commending the administration’s intentions, Hon. Gbolahan Yishawu (Eti-Osa 2) highlighted the absence of allocations for electricity infrastructure and climate change initiatives. He also proposed a five-year retrospective analysis of deficit funding to guide future financial planning.
Deputy Majority Leader Adedamola Richard Kasumu echoed the call for a thorough review to ensure feasibility and accuracy in projections.
Hon. Femi Sheed emphasized linking borrowing to critical infrastructure projects like electricity and urged the government to prioritize revenue efficiency while curbing financial leakages.
Lagos Assembly Sanwo-Olu 2025 Budget
Hon. Desmond Elliot pointed out the omission of food security measures in the proposal and advocated for initiatives that address citizens’ immediate needs.
Governor Sanwo-Olu, during his presentation, noted that the budget targets a 59% allocation for capital expenditure and 41% for recurrent expenditure. The deficit, he explained, would be financed through a mix of external and internal loans and bonds.
The lawmakers pledged to ensure a diligent review of the budget, with the aim of driving sustainable development across Lagos State.
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