Governor Babajide Sanwo-Olu of Lagos has presented the sum of ₦3.005 trillion before the state House of Assembly as a proposed budget for the year 2025.
Briefing the lawmakers on Thursday in Alausa, Sanwo-Olu emphasised the budget’s focus on infrastructural development and sustainability.
Governor Babajide Sanwo-Olu of Lagos has presented the sum of ₦3.005 trillion before the state House of Assembly as a proposed budget for the year 2025.
Briefing the lawmakers on Thursday in Alausa, Sanwo-Olu emphasised the budget’s focus on infrastructural development and sustainability.
Tagged the “Budget of Sustainability,” it seeks to focus on capital projects aimed at economic growth and development.
Allow me to elaborate on each of these five pillars:
Infrastructure Sustainability:
Mr. Speaker, continuous investments in infrastructure are the backbone of our development agenda. The Greater Lagos we envision will emerge on the back of high-quality infrastructure that keeps pace with population growth. Our focus is therefore on ensuring the durability, functionality, and adaptability of our physical assets to meet the ever-growing demands of our people.
In the coming fiscal year, we will be prioritizing the maintenance, upgrade and expansion of existing road networks, bridges, rail systems and drainage infrastructure, to enhance mobility and to mitigate the impact of climate change. Digital infrastructure is not left out, in line with our vision for a truly 21st century megacity.
Economic Diversification
To secure a resilient economy, we must reduce over-reliance on any single sector. This budget emphasizes the development of non-oil sectors such as technology, agribusiness, manufacturing and the creative industries, entertainment and tourism.
Through our Lagos State Employment Trust Fund (LSETF) and other initiatives, we will support micro, small, and medium enterprises (MSMEs) with financing, training, and market linkages. This strategy will not only create jobs but also enhance local production, thereby reducing dependency on imports, strengthening our supply chains, and enriching our local communities.
Empowering our creatives will create new avenues for prosperity, and give added meaning to the lives of multitudes of young people. Our focus on tourism development using our rich culture and historical landmarks will boost revenues, attract foreign exchange, and position Lagos as a truly competitive global destination.
Social Inclusion and Human Capital Development
At the heart of all responsible and responsive governance lies people, and their interests and wellbeing. Indeed, without people, there is no democracy. This pillar prioritizes investments in education, healthcare, and social welfare to ensure that no one is left behind.
We are expanding access to quality education and healthcare by constructing more facilities, equipping them, and hiring and motivating qualified personnel. Furthermore, targeted programs will address the needs of vulnerable groups, including women, children, and persons living with disabilities, providing a safety net for the most disadvantaged in our society.
Environmental Sustainability
As a coastal state, Lagos is uniquely vulnerable to the effects of climate change. This budget underscores our commitment to environmental protection and sustainability. We will continue to implement initiatives such as the Lagos State Climate Adaptation Resilience Plan to reduce greenhouse gas emissions and promote renewable energy.
Our waste-to-wealth initiatives will not only create jobs but also ensure a cleaner environment. Additionally, we are implementing tree-planting campaigns, and investing in flood management infrastructure to protect lives and properties.
Governance and Institutional Reforms
Effective governance is the foundation of sustainable development. This pillar focuses on strengthening institutions, ensuring accountability in public service delivery, and guaranteeing the safety and security of lives and property in Lagos State.
We are committed to leveraging technology to improve the efficiency of our operations through e-governance systems. The continued reform of revenue collection systems will eliminate leakages, ensuring that every naira is used for the benefit of the people.
Additionally, we will deepen citizen engagement through town hall meetings and other feedback channels, ensuring that government remains responsive and accountable to the people.
OUR JOURNEY SO FAR:
Mr. Speaker, Honourable Members of the House, as we present the 2025 Budget proposal, titled BUDGET OF SUSTAINABILITY, we have approached its development with thoughtful deliberation, aligning closely with our THEMES+ governing agenda. This budget provides an opportunity to renew hope for every Lagosian, and to deliver sustained relief in these challenging times.
This 2025 Budget I am presenting today is a continuation of the efforts laid out in our previous budgets, as follows:
Year 2020: The Budget of Awakening to a Greater Lagos
Year 2021: The Budget of Rekindled Hope, against the backdrop of the Covid-19 pandemic and the END-SARS protests.
Year 2022: The Budget of Consolidation, reflecting its status as our final full-year budget before the 2023 elections
Year 2023: The Budget of Continuity, our transition budget, between the first and second terms.
Year 2024: The Budget of Renewal, echoing the “Renewed Hope” aspiration of the Federal Government’s 2024 Budget.
I will now start to highlight the major accomplishments that we have achieved over the year, through the disciplined implementation of the 2024 Budget, which this Honourable House graciously approved and has provided oversight for, and which the 2025 Budget seeks to build upon.