LAGOS STATE GOVERNMENT REFUNDS 145 FORMER SUBSCRIBERS OF EGAN HOUSING ESTATE
By Oyebola Owolabi
Lagos State Governor Babajide Sanwo-Olu yesterday presented an estimate of N3,005,935,198,401 as proposed budget for the 2025 fiscal year to the House of Assembly.
Sanwo-Olu described the ‘Budget of Sustainability’ as a ‘blueprint for resilience and shared prosperity for Lagosians’.
According to him, the ‘Budget of Sustainability embodies the values that have always defined us as Lagosians: resilience, innovation, inclusivity, and sustainability. It speaks to our vision of balancing the pressing needs of today with the undeniable responsibility of securing the future’.
The governor also anchored the budget on five pillars of Infrastructure Sustainability, Economic Diversification, Social Inclusion and Human Capital Development, Environmental Sustainability, Governance and Institutional Reforms, designed to ensure economic stability, environmental stewardship, and social equity.
The budget comprises revenue of N2.597 trillion, deficit financing of N408.9 billion. Total revenue comprises Internally Generated Revenue (IGR) of N1.970 trillion; federal transfers N626 billion.
Recurrent expenditure is N1.239 trillion (41 per cent) while capital expenditure is N1.766 trillion (59 per cent).
Sectoral allocation include Economic Affairs N908 billion; Environment N233 billion; Health N204 billion; Education N208 billion; Security, Safety and Public Order N124 billion; Social Protection N47 billion.
The governor also noted that as at September ending, the 2024 budget was about N1.423 trillion implemented, representing 85 per cent of the prorated N1.7 trillion estimate.
He added: “Let me assure everyone that this budget is not just a statement of intentions but a practical, actionable framework designed to impact lives. From the students and entrepreneurs in Yaba to the farmers and fishermen in Epe and Badagry, from the business executives and market women on Lagos Island to the factory workers in Ikorodu, this budget is all about the people of Lagos.
“As we prepare for the approval and implementation of this budget, I urge every one of us to play their part in building a Lagos that endures. Let us remember that sustainability is not just about preserving resources; it is also about creating opportunities for the future while meeting the needs of the present. I assure this honourable house and, by extension, the residents of Lagos, of my commitment towards ensuring that this proposed budget is able to effectively recalibrate the state’s economy, stimulate economic growth and strengthen the positive trajectory in which the state is headed.”
Speaker of the House Mudashiru Obasa however appealed to Nigerians to be hopeful as President Bola Tinubu’s administration works to ensure the country’s economic recovery.
He also appealed to the Governor and Lagosians to give the House sufficient time to do a thorough job on the document.
“The Assembly would not delay the passage of the budget, but we will be interested in placing a premium on ensuring that the interests of Lagosians are protected socio-economically and politically,” he added.
Since becoming governor, Sanwo-Olu has presented ‘The Budget of Awakening to a Greater Lagos’ (2020); ‘The Budget of Rekindled Hope’ (2021); ‘The Budget of Consolidation’ (2022); ‘The Budget of Continuity’ (2023); ‘The Budget of Renewal’ (2024), and now ‘The Budget of Sustainability’.
DRAMA IN THE CHAMBERS
Unlike the usual fanfare associated with budget presentations, this year’s presentation was devoid of the usual loud and rowdy accompaniment. The crowd was minimal and the usual praise singing and dancing was absent. Even the Assembly choir used to dishing out melodious tunes was visibly absent.
The lawmakers, who would have been seated awaiting the arrival of Exco members, were not on seat, even up till the Deputy Governor Obafemi Hamzat arrived at the chambers. Guests were seated as early as 11am but proceedings did not start until about 2pm.
The lawmakers eventually came into the chambers all donning dark eye glasses. They unusually came in from the same direction, indicating they were probably in a meeting in one of the ante-offices attached to the chambers.
Speaker Obasa later came in about 3pm, also in dark shades, and proceedings began in earnest. It was after this that the governor’s arrival was announced and the day’s business took over.