The Lagos State Government has announced a budget of N3.37 trillion for 2025, dubbed the “Budget of Sustainability,” which prioritizes infrastructure development and environmental protection.
The budget was unveiled by the Commissioner for Economic Planning and Budget, Mr. Ope George, during a press conference held at Alausa, Ikeja. The funding for the budget is projected to come from an estimated revenue of N2.968 trillion, comprising N2.230 trillion from Internally Generated Revenue (IGR), N111.839 billion in Capital Receipts, and N626.137 billion from federal transfers.
George emphasized that 80% of the budget will be financed through internal sources, underscoring the state’s commitment to self-sustainability. “The state has carefully chosen a self-financing option that will not translate into debt for the full implementation of the budget,” he stated, urging residents to support the government by paying their taxes promptly.
A significant portion of the budget, N1.052 trillion (31.27%), is allocated for infrastructure sustainability, which includes maintaining and upgrading existing road networks, constructing bus terminals, jetties, bridges, rail systems, housing units, and digital infrastructure. George highlighted the government’s vision for a modern megacity.
In addition to infrastructure, environmental protection receives a substantial allocation of N287.241 billion (8.5%). This funding will support drainage infrastructure development, waste-to-energy projects, and the creation of public recreational spaces. “This budget underscores our commitment to environmental protection and sustainability,” George affirmed.
Addressing concerns about debt management, Commissioner for Finance Mr. Abayomi Oluyomi assured that the state is exploring creative financing options while focusing on improving the business environment. He noted that the majority of budget financing would come from IGR, with only 10% from borrowing.
George characterized the “Budget of Sustainability” as more than just a fiscal plan, stating it aims to provide economic stability, environmental stewardship, and social equity to ensure Lagos thrives sustainably for future generations. He reiterated the government’s commitment to completing ongoing projects and adapting physical assets to meet the growing demands of the population.
