Sanwo-Olu presents N1.692trn 2022 budget proposal to Lagos Assembly
Governor Babajide Sanwo-Olu on Thursday presented N1.692 trillion 2023Appropriation Bill to the state House of Assembly.
The budget estimate, christened ‘The Budget of Continuity’ is N66 billion lesser than the 2022 budget which stood at N1.758 trillion.
The budget comprises a total revenue of N1,342,670,649,640 and deficit financing of N350,000,000,000 , a total Internally Generated Revenue (IGR), of N1,108,435,649,640 and total federal transfer of N234,235,000,000.
The governor explained that the budget has a recurrent expenditure of N759,958,569,792, comprising Overhead Cost of N403,653,328,479; Personnel Cost of N247,295,312,088 and Recurrent Debt Service of N109,009,929,224.
The N403,653,328,479 Overhead Cost is broken down into Overhead, N221,957,283,661; Subvention, N93,501,258,220 and Dedicated, N88,194,786,596.
The budget size also has recurrent expenditure of N759,958,569,792 (45 per cent) and capital expenditure of N932,712,190,102 (55 per cent).
“The deficit financing shall consist of external and internal loans and bonds which are well within our fiscal sustainability parameters,” Sanwo-Olu said.
In the sectoral breakdown, Economic Affairs has the highest budget of N339,482,825,430 which represents 20.06 percent of the budget, while General Public Service came second with N308,363,331,313, representing 18.22 percent. Education came third with N153,445,318,140 (9.07 per cent) while Health came next with N67,358,643,068.
Receiving the budget, the Speaker of the state House of Assembly, Rt. Hon. Mudashiru Obasa stressed that the Bill should address three areas for the benefit of the residents of the state.
Obasa, who noted that challenges are currently facing Nigerians added: “The Year 2023 budget of Lagos should have more human face, be targeted at reducing poverty and improving the welfare of the residents of the state as part of the THEMES agenda that guides this administration.”
The Speaker said that though Lagos State government had achieved a lot in its effort to improve the development of the state, it should constantly be conscious that the residents yearn for more dividends of democracy.
He stressed the “Need for the federal government to approve the allocation of one percent special status for Lagos considering its population and the constant influx of people to the state.
“There is, therefore, no doubt that in the remaining months leading to the end of this administration, so much more needs to be done; so much is still needed from us as the good people of Lagos yearn for more dividends of democracy, especially at this critical time.”
