Lagos 2025 Budget Undergoes Second Reading, Lawmakers Set To Review Key Allocations And Projections

Lagos 2025 Budget Undergoes Second Reading, Lawmakers Set To Review Key Allocations And Projections

The Lagos State House of Assembly has passed the second reading of the 2025 appropriation bill, amounting to N3.005 trillion, which was presented by...READ MORE…

Governor Babajide Sanwo-Olu last Thursday.

Speaker Mudashiru Obasa, who oversaw the plenary session, referred the bill to a joint committee on appropriation and finance for further review. The committee is expected to report back within one month.

Earlier, Hon. Sa’ad Olumoh, Chairman of the House Committee on Budget and Economic Planning, provided an overview of the budget’s proposed allocations. He raised concerns about the N408 billion deficit financing outlined in the budget. While he acknowledged that loans can be beneficial if properly utilized, he emphasized the need for a sustainable and practical approach to financing, urging a look at alternatives such as Public-Private Partnerships (PPP).

Olumoh further called for a thorough examination of the budget to avoid unnecessary expenditure. He also praised the government’s intentions as presented in the proposal.

Deputy Majority Leader, Adedamola Richard Kasumu, advocated for a comprehensive review of the budget to enable a comparative analysis and assess its feasibility.

Hon. Gbolahan Yishawu (Eti-Osa 2) pointed out the lack of provisions for electricity infrastructure and climate change initiatives, suggesting that a retrospective analysis of deficit funding over the past five years be conducted.

Hon. Femi Sheed underscored the need to link borrowing to essential infrastructure projects like electricity, while ensuring efficient revenue generation and preventing financial leakages.

Hon. Desmond Elliot also noted the absence of food security measures in the budget and urged the inclusion of strategies to address the needs of the citizens.

Governor Sanwo-Olu previously stated that the budget aims to allocate 59% to capital expenditure and 41% to recurrent expenditure, with the deficit financing to be sourced through a combination of external and internal loans and bonds.

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