Lagos State Governor, Babajide Sanwo-Olu, on Thursday presented a budget of N1.692 trillion to the House of Assembly.
Tagged “Budget of Continuous Development”, the 2023 budget provides for revenue of N1.342 trillion and deficit financing of N350 billion, which is made up of N1.108 trillion Internally Generated Revenue and N234, 235 billion total federal transfers.
Sanwo-Olu also proposed a recurrent expenditure of N760 billion (45 percent), out of which N403 billion is for overhead; N247 billion personnel cost; and N109 billion for recurrent debt service.
He proposed capital expenditure of N933 billion (55 percent) — N670 billion for expenditure and N263 billion repayment.
According to the governor, the deficit financing includes external and internal loans and bonds which, he said, are well within the fiscal sustainability parameters.
Under the sectoral allocation, N153 billion was allocated to education, N125 billion to health, N339 billion to economic affairs and N65 billion to the environment among others.
The 2022 Budget was N1.758 trillion with a total revenue of N1.237 trillion, and deficit financing of N521.275 billion. Capital expenditure was N1.167 trillion, representing 66 percent of the budget size, while recurrent expenditure stood at ₦591.281 billion, representing 34 percent.
Sanwo-Olu disclosed that the performance of the 2022 budget as at third quarter ending 30th September 30, stood at N972.48 billion, representing 74 percent of the total budget size of N1.758 trillion.
While he noted that the 2022 budget had been implemented under a tight and challenging economic scenario, he assured that his government will continue to do all it can to stabilize and further grow the economy.