Lagos Assembly Speaker Assures Swift Passage of N3 Trillion 2025 Budget
Obasa made this statement following the presentation of the budget by Governor Babajide Sanwo-Olu to the assembly on Thursday in Ikeja. The budget, titled ‘Budget of Sustainability’, includes a total revenue projection of N2.60 trillion and a deficit financing of N408.92 billion.
Obasa emphasized that the House will begin working on the budget promptly to ensure its quick passage, prioritizing the welfare of the state’s residents. He appealed to the governor and the people of Lagos to allow the Assembly adequate time for a thorough review of the budget, given its significant impact on the lives of the citizens.
“We will not delay the passage of the budget, but we will ensure that the interests of Lagosians are safeguarded, socially, economically, and politically,” Obasa stated. He also acknowledged the tough economic conditions faced by the people, but expressed confidence that the budget’s strategic plans would foster growth, attract investments, and improve living standards.
Highlighting the alignment with President Bola Tinubu’s ‘Renewed Hope Agenda’, Obasa reiterated optimism for the country’s economic recovery, encouraging the people to remain hopeful for a brighter future.
The budget allocates N1.239 trillion (41%) for recurrent expenditure and N1.766 trillion (59%) for capital projects. Governor Sanwo-Olu outlined that the budget would be funded through N1.97 trillion in state revenue and N626 billion in federal transfers.
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