N3trn Lagos budget: Assembly will not delay passage – Speaker

The Speaker, Lagos State House of Assembly, Mr Mudashiru Obasa, says the lawmakers will not delay the passage of the 2025 budget estimate of N3.005 trillion.

Obasa gave the assurance shortly after Gov. Babajide Sanwo-Olu presented the 2025 budget estimate to the assembly in Ikeja on Thursday.

It was reported that the budget is titled ‘Budget of Sustainability’.

It comprises of total revenue of N2.60 trillion and a deficit financing of N408.92 billion.

Obasa said the lawmakers would commence work on the budget in earnest to ensure speedy passage in the interest of the state.

“As we hope that the 2025 Budget will be of great benefit to the people of Lagos State.

“We, however, appeal to the governor and the people of the state to give us sufficient time to enable the House do a thorough job on a financial
document that has great influence on the lives of the people.

“Also, the Assembly will not delay the passage of the budget.

“But we will be interested in placing a high premium on the need to ensure that the interests of the people of the state are protected, socio-economically and politically.

“We are your representatives here at the House of Assembly, and we are duty bound to do justice to every sector of the state’s economy,” he said.

Obasa noted that the budget was coming at a time when the people of the state were facing the reality of daunting economic challenges.

“We recognise the current economic upheaval, but we are confident that our strategic plans will stimulate growth, attract investments, and improve the standard of living for all the residents,” he said.

Obasa noted that the ‘Renewed Hope Agenda’ of President Bola Tinubu was focused on the futuristic plan for the nation’s economic recovery.

According to him, the economic recovery is, indeed, certain and realisable.

As such, the speaker appealed to the people to keep hope alive, adding that there was, no doubt, a light at the end of the tunnel.

It was reported that the budget is made up of a recurrent expenditure of N1.239 trillion, 41 per cent, and capital expenditure of N1.766 trillion, 59 per cent.

The budget, according to Sanwo-Olu, will be sourced from a total revenue of N1.97 trillion and total Federal transfers of N626 billion.