The Lagos State House of Assembly on Monday passed the appropriation bill of N3.367 trillion for the 2025 fiscal year for the state.
The budget was approved by voice vote at a plenary presided over by the Speaker, Mudashiru Obasa, on Monday.
Obasa explained that the passage followed the presentation of a report on the budget by Sa’ad Olumoh, the Chairman of the Joint Committee on Appropriation and Finance.
Governor Babajide Sanwo-Olu had on November 21 presented a budget proposal of N3.005 trillion to the House for approval.
During the presentation, the governor informed the lawmakers that the budget had a deficit financing of N408.9 billion, adding that the deficit would be financed through external and internal loans and bonds.
The Speaker said the approved budget consisted of N1.295 trillion for recurrent expenditure, while N2.071 trillion was earmarked for capital expenditure for the year ending December 31, 2025.
Obasa then directed the Clerk of the House, Olalekan Onafeko, to transmit a clean copy of the passed bill to the governor for assent.
The Speaker commended his colleagues for their painstaking efforts leading to the passage of the budget.
Meanwhile, the House, during the plenary on Monday, also passed a bill to consolidate all laws on local government administration in Lagos