The Lagos State House of Assembly has officially passed the appropriation bill for the 2025 fiscal year, approving a budget totaling N3.367 trillion. The bill was passed on Monday during a plenary session presided over by Speaker Mudashiru Obasa, following a report presented by Sa’ad Olumoh, Chairman of the Joint Committee on Appropriation and Finance.
Governor Babajide Sanwo-Olu initially presented a budget proposal of N3.005 trillion to the House on November 21, which included a deficit of N408.9 billion. The governor clarified that this deficit would be financed through a combination of external and internal loans, as well as bonds.
The approved budget comprises N1.295 trillion for recurrent expenditure and N2.071 trillion allocated for capital projects, with the fiscal year set to end on December 31, 2025.
Following the passage of the bill, Speaker Obasa directed the Clerk of the House, Olalekan Onafeko, to send a clean copy of the bill to Governor Sanwo-Olu for assent. He also commended the lawmakers for their thorough efforts in reviewing and approving the budget.
In addition to the budget approval, the House also passed a bill aimed at consolidating the laws governing local government administration in Lagos State. This bill introduces provisions in line with recent constitutional amendments and updates by the National Assembly that directly affect local governments in the state.
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