Lagos Assembly passes N3.4trn budget
…As Reps begins 2025 Budget defence Tuesday
By Seun Ibiyemi
The Lagos State House of Assembly on Monday approved a total sum of N3,366,815,224,144 as the total budget of the state for 2025.
The approval followed the presentation of a report on the budget by the chairman of the joint committee on appropriation and finance, Hon. Sa’ad Olumoh, and the subsequent voice votes by lawmakers at a sitting presided over by the Speaker, Rt. Hon. Mudashiru Obasa.
The approved budget is made of N1,295,630,197,452 as recurrent expenditure while N2,071,185,026,692 is earmarked as capital expenditure for the year ending December 31, 2025.
Obasa, thereafter, directed the Clerk of the House, Barr. Olalekan Onafeko, to transmit a clean copy of the passed bill to Governor Babajide Sanwo-Olu for assent.
The Speaker commended his colleagues for their painstaking efforts leading to the passage of the budget.
Recall that Governor Sanwo-Olu had on November 21, presented a proposal of N3.005 trillion to the House for approval.
The Governor, during the presentation, told the lawmakers that the budget had a deficit financing of N408,902 billion adding that the deficit would be financed from external and internal loans and bonds.
Meanwhile, the House, during plenary on Monday, also passed a bill to consolidate all laws on local government administration in Lagos State.
The bill further makes provisions based on constitutional amendments as well as amendments by the National Assembly which have direct effects on the local governments in Lagos State.
Also, the House of Representatives will commence the 2025 budget defence session with Ministries, Departments and Agencies (MDAs) on Tuesday.
President Bola Tinubu had recently presented the N49.74 trillion 2025 appropriation Bill before a joint session of the National Assembly.
Subsequently, the House passed the budget through second reading on December 19, 2024 and referred it to its Appropriations Committee with all standing committees as sub-committees for further legislative action.
However, report from the exercise is expected to be harmonised on January 22, while the Appropriations Committee’s report would be laid at plenary on January 31st.
But the Chairman, House Committee on Appropriations, Hon. Abubakar Bichi, while speaking with journalists on Monday after the committee’s inaugural meeting, revealed that the budget defence would last till January 17.
He stressed that reports from the exercise might be harmonised on January 22, while the Appropriations Committee’s report would be laid at plenary on January 31st.
Bichi stated: “We just had the inaugural meeting today for the 2025 Appropriation Bill, which you have been aware that the president has presented the budget to us and by tomorrow, we will start the budget defence with all the MDAs.
“From tomorrow to the 17th, we are going to do our budget defence and we will likely harmonise on the 22nd and God’s willing by 31st we are going to lay our reports.
“We are going to study the budget; all our committees will study the budget. I believe the budget is for Nigerians, for our development — infrastructure and other important things — and I am sure Nigerians will be happy with it.”
Bichi added that the parliament would scrutinise the proposed budgetary expenditure, revenues and other issues contained in the 2025 Appropriation Bill presented to the National Assembly by President Tinubu.
According to him, “We just had an integration meeting today for the 2025 appropriation bills which you have been aware that the president has presented the budget to us and by tomorrow, we’ll start the budget defence by all the MDAs from tomorrow to the 17th. We are going to do our budget defence and we will likely harmonize by 22nd.
“But what we do first is complete our reports. Now we are going to study the budget, all our committees will study the budget and I believe the budget is for Nigerians, it’s for development infrastructures and other important things and I’m sure Nigeria will be happy with it.”
