The Lagos State Government has announced N3.37 trillion budget for 2025, titled the “Budget of Sustainability,” with a strong focus on infrastructure development and environmental protection.

The disclosure was made by the Commissioner for Economic Planning and Budget, Mr. Ope George, during a budget analysis press conference held at Alausa, Ikeja, on Friday.

The N3.367 trillion budget is expected to be funded through an estimated revenue of N2.968 trillion, consisting of N2.230 trillion from Internally Generated Revenue (IGR), N111.839 billion in Capital Receipts, and N626.137 billion from federal transfers.

George highlighted that 80% of the budget will be financed internally, underscoring the state’s commitment to self-sustainability.

“The state has carefully chosen a self-financing option that will not translate into debt for the full implementation of the budget,” he stated, urging Lagos residents to support the government by ensuring prompt tax payments.

He further noted that the Lagos State Internal Revenue Service (LIRS) is projected to generate 63% (N1.4 trillion) of the anticipated IGR.

A substantial share of the budget, N1.052 trillion (31.27%), has been earmarked for infrastructural sustainability.

“Our focus remains on maintaining, upgrading, and expanding existing road networks and infrastructure, constructing bus terminals, jetties, bridges, rail systems, housing units, and digital infrastructure, in line with our vision for a truly 21st-century megacity,” George explained.

The Commissioner outlined several projects set for completion or initiation in 2025 across Lagos State’s five divisions.

These projects include road construction and rehabilitation, the development of bus terminals and jetties, the expansion of the Lagos Rail Mass Transit System, and the construction of new housing units.

The government is also placing a strong emphasis on environmental protection, allocating N287.241 billion (8.5 per cent) towards this sector.

“This budget underscores our commitment to environmental protection and sustainability,” George stated.

The allocated funds will be directed toward drainage infrastructure development, waste-to-energy projects, and the creation of public recreational spaces.

“Implementation of waste-to-energy projects across the state, collaboration with the private sector on waste management, and the continuous transformation of public spaces into serene and secure recreational areas by LASPARK remain key priorities,” he added.

Addressing concerns regarding debt management, the Commissioner for Finance, Mr. Abayomi Oluyomi, reassured that the state is adopting innovative financing strategies while prioritizing an improved business environment.

He stressed that the majority of budget financing is derived from IGR, with only 10 per cent sourced through borrowing.

George emphasized that the “Budget of Sustainability” extends beyond a mere fiscal plan.

“It is structured around providing economic stability, environmental stewardship, and social equity to ensure Lagos continues to thrive sustainably for generations to come,” he explained.

He reaffirmed the government’s dedication to completing ongoing projects and ensuring that physical assets remain durable and adaptable to meet the growing demands of the population.

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