The Lagos State Government may not borrow to finance its audacious ₦3.367trillion budget for the year 2025.
This was revealed at a press conference held at the Bagauda Khalto Press Center, Alausa Ikeja, Friday, where the Commissioner for Budget and Planning, Mr Ope George and his Finance counterpart, Mr Abayomi Oluyomi rendered a breakdown of the year 2025 “Budget of Consolidation.”
As contained in the breakdown, the state had made a provision to finance the deficit through an estimated “external loans of 28.751bn, internal loans of 203.831bn, Bond Issuance, 150.000bn and others 16.080bn.”
On how the state intends to finance the estimated deficit of N398.662b, George and Oluyomi emphasised that the state government has put strategic plans in place to generate more money to take care of her budget deficit.
George categorically said the state will be more creative and innovative in raising the needed finance.
According to him, the target will be achieved by deepening revenue and increasing the tax net through the deployment of technology, economic intelligence, data gathering and analysis amongst other initiatives.
He said: “We believe that there are huge revenue generating opportunities in the informal sector, tourism, real estate, transportation, and trade.”
This, he said, is a product of Governor Babajide Sanwo-Olu-led administration’s determination to offer Lagosians the best in all areas of life.
Highlights on infrastructure development across the five divisions include the following: Construction of Samuel Ekundayo /Toga Road, Badagry; construction of Abaranje Road, Alimosho; construction of Adamo-Akanun-Agunfoye Lugbusi Roads, Ikorodu; construction/Rehabilitation of Roads in Ikeja GRA (Oba Dosunmu Road, Sasegbon Street, Sobo Arobiodu Street e.t.c)
Others include, Rehabilitation/Upgrading of the Lekki-Epe Expressway: Phase IIA (18.600 km); completion of the Abule Egba, and Ajah Bus Terminals; construction of Iyana-Ipaja Bus Terminals; construction of the Opebi Link bridge to Maryland that will significantly improve travel time and alternative route options the axis; rehabilitation/Upgrading of Eti-Osa Lekki-Epe Expressway Project from Eleko T-Junction – Abraham Adesanya.( Phase II); construction of Lekki-Epe Airport Road and construction of Omu Creek Road.
The Commissioner stressed that, “The ‘Budget of Sustainability’ is not just a fiscal document but it’s structured around providing economic stability, environmental stewardship and social equity to ensure that Lagos continues to thrive sustainably for generations to come.”
