"The Lagos State House of Assembly has approved a budget of N3.37 trillion for the 2025 fiscal year, injecting an additional N360.88 billion into Governor Babajide Sanwo-Olu's initial proposal," Speaker Rt. Hon. Mudashiru Obasa announced.
"The approval, granted during Monday’s plenary session, followed the presentation of the budget report by Hon. Sa’ad Olumoh, chairman of the joint committee on appropriation and finance," Obasa added.
"The lawmakers unanimously adopted the report through a voice vote, presided over by myself," he continued.
The budget allocates N1.3 trillion for recurrent expenditure and N2.07 trillion for capital projects, with the financial year ending on 31st December 2025.
Following its passage, Obasa instructed the Clerk of the House, Olalekan Onafeko, to forward the document to Governor Sanwo-Olu for assent.
"I commend my colleagues for their commitment during the budget review process," said Speaker Obasa.
Governor Sanwo-Olu had initially presented a proposed budget of N3.005 trillion on 21st November, highlighting a deficit of N408.9 billion.
He explained that the shortfall would be financed through internal and external loans, as well as bonds.
In addition to the budget approval, the Assembly passed a bill consolidating local government administration laws in Lagos State.
The new legislation incorporates constitutional amendments and updates from the National Assembly affecting local government operations in the state.
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