Lagos State Government Showcases Budgeting Confidence for 2025
In a recent press briefing, the Lagos State government expressed strong optimism about its financial capabilities to handle budget deficits effectively. Key figures from the government, namely Mr. Ope George, the Commissioner for Economic Planning and Budget, and Mr. Abayomi Oluyomi, the Commissioner for Finance, shared insights into the ambitious budget for the upcoming year during their presentation at the Bagauda Khalto Press Centre in Alausa Ikeja.
With a comprehensive budget amounting to a remarkable N3.367 trillion, the focus of the 2025 financial plan emphasizes significant investment in capital expenditure, which accounts for a substantial N2.071 trillion. This marks an impressive commitment to infrastructure development, positioning Lagos for future growth. In contrast, recurrent expenditure, which includes essential debt charges, stands at N1.295 trillion, creating a capital-to-recurrent ratio of 62:38.
A striking point made during the briefing was the total revenue estimate of N2.968 trillion, which highlights a finance gap of N398.662 billion. This gap, representing 13% of the total revenue, drew attention to the budget’s dependence on robust revenue generation strategies. However, Oluyomi reassured stakeholders that the state is well-prepared to manage its debt sustainably. “The deficit financing may not be deficit; we may not even need to borrow money,” he affirmed, indicating the state’s creative financing alternatives designed to limit unnecessary debt accumulation.
One key takeaway from the session was Mr. George’s emphasis on the holistic nature of the budget. He described it as more than just a fiscal document; it serves as a framework for ensuring economic stability, environmental stewardship, and social equity. These elements are essential for the sustainable growth of Lagos for generations to come. The budget’s strategic focus includes enhancing infrastructure sustainability, promoting economic diversification, supporting social inclusion, and advancing human capital development.
Additionally, the state government is prioritizing critical projects such as improving the existing road networks, expanding transit systems, creating modern bus terminals, constructing bridges, and advancing digital infrastructure. These initiatives not only reflect Lagos State’s commitment to enhancing urban life but also signal a brighter economic future for its residents.
Overall, the Lagos State government’s proactive approach toward budget management exemplifies its determination to foster a resilient and flourishing economic environment. With a focus on sustainability and community growth, Lagos is undoubtedly setting itself up for continued success as it navigates the financial landscapes of the coming years.
Tags: #Nigeria #Lagos #Finance #BusinessNews #WorldNews
