Governor Babajide Sanwo-Olu of Lagos State has announced plans to borrow ₦408.9 billion to finance the state’s proposed 2025 budget.
Sanwo-Olu made this disclosure while presenting the budget, valued at ₦3 trillion, to the State House of Assembly on Thursday for approval.
The budget, titled “Budget of Sustainability,” includes anticipated revenue of ₦2.6 trillion, leaving a deficit to be covered through borrowing.
The proposal allocates ₦1.24 trillion to recurrent expenditure, while capital projects will receive ₦1.77 trillion.
Earlier, Sanwo-Olu stressed Lagos’ vulnerability as a coastal state and reaffirmed his government’s commitment to combating climate change.
He highlighted the Lagos State Climate Adaptation Resilience Plan, which focuses on reducing greenhouse gas emissions and promoting renewable energy.
He further elaborated on waste-to-wealth initiatives aimed at creating jobs while fostering environmental cleanliness. Other measures include tree-planting campaigns and significant investments in flood management infrastructure to protect lives and properties.
The governor emphasised the importance of effective governance in achieving sustainable development.
He said he is committed to strengthening public institutions, ensuring accountability, and leveraging technology to enhance operational efficiency through e-governance systems.
Sanwo-Olu also vowed to eliminate revenue leakages by reforming collection systems and deepening citizen engagement through town hall meetings and other feedback channels.
Sanwo-Olu presented the 2025 proposal as a continuation of efforts outlined in previous budgets, aligning with the state’s THEMES+ governing agenda.
Highlighting infrastructure development under the 2024 budget, Sanwo-Olu announced significant progress in road construction, repairs, and traffic management, saying that completed projects include the Ikeja underpass near Computer Village, which has eased traffic flow.
He noted that 36 road projects, including bridges and pedestrian infrastructure, had been completed, while 51 others are ongoing across the state.
Sanwo-Olu described the 2025 budget as a tool for building resilience and providing relief for Lagosians during challenging times.
He assured residents that the budget would build on past achievements while addressing future challenges.
