Lagos State Governor, Babajide Sanwo-Olu, on Thursday, laid the 2025 Budget proposal of N3,005,935,198,401 to the State House of Assembly for passage into law.
Governor Sanwo-Olu made the presentation before the House presided over the Speaker, Rt. Hon. Mudashiru Ajayi Obasa said the budget, tagged: ‘Budget of Sustainability’, comprises a Total Revenue of N2,597,034,000,000 and Deficit Financing of N408,902,000,000.
The governor further said that his administration had proposed in the budget a total of N1.239trn (41%) for recurrent expenditure, comprising total overhead, total personnel cost and recurrent debt service, while a sum of N1.766trn (59%)was proposed for capital expenditure.
Giving sectoral allocation of the proposed budget, Governor Sanwo-Olu said economic affairs had a sum of N908.699bn for it; environment, N233.176bn; health, N204.005bn; education, N208.376bn; security, safety and public order, N124.073bn and social protection – N47.077bn.
“Mr. Speaker, it is now my pleasure to present to you today the Y2025 Budget proposal, tagged ‘Budget of Sustainability.’
“The Year 2025 Budget as proposed has a total budget size of N3,005,935,198,401, comprising a total revenue of N2,597,034,000,000 and deficit financing of N408,902,000,000.
“Total Revenue comprises our Internally Generated Revenue (IGR) of N1,970,897,000,000, and total federal transfers of N626,137,000,000).
“We equally propose a recurrent expenditure of N1,239,818,000,000 comprising total overhead, total personnel cost and recurrent debt service, as follows:
“Total Overhead Cost: N722.586 billion, as follows: Overhead: N432.580 billion, Subventions: N139.728 billion, Dedicated Funds: N150.278 billion, Total Personnel Cost: N392.000 billion, Recurrent Debt Charges: N125.232 billion
“For Capital Expenditure, we propose a total figure of N1.766,117 trillion, as follows: Capital expenditure: N1.452 trillion naira, Repayments: N313.515 Billion Naira..
“Mr. Speaker, Honorable Members of this esteemed House, I hereby present highlights of sectoral allocation in the budget: Economic Affairs – 908.699 billion naira
Environment – 233.176 billion naira, Health – 204.005 billion naira, Education – 208.376 billion naira, Security, Safety and Public Order – 124.073 billion naira, Social Protection – 47.077 billion naira
“Mr. Speaker, as you will notice, the budget size is made up of recurrent expenditure of N1.239 Trillion (41%) and capital expenditure of N1.766 Trillion (59%). The deficit financing, which is within our fiscal sustainability parameters, shall consist of external and internal loans and bonds,” he said.
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