… Approves N3.4 Trn for 2025 budget
Following the approval of the full control of the local government autonomy, the Lagos State House of Assembly has passed a bill to consolidate all laws on local government administration in the state.
While making this observation on Monday, during the house plenary session, the house resolved in making assertion that the said new bill has taken into consideration the recent developments in the country.
According to the Speaker of the House, the local government autonomy 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.
According to the said statement signed by Eromosele Ebhomele, Chief Press Secretary to Speaker Mudashiru Obasa, the House also 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 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 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 has a deficit financing of N408,902 billion adding that the deficit would be financed from external and internal loans and bonds.
