2023: Sanwo-Olu proposes N1.69tr budget for Lagos

The Lagos State Governor, Babajide Sanwo-Olu, on Thursday presented a 2023 budget proposal of N1.692 trillion to the state House of Assembly.

In his address at the presentation, Sanwo-Olu said the government would aggressively focus on completing ongoing projects in 2023.

He noted that the 2023 proposal christened “Budget of Continuity” comprised N1.343 trillion of Total Revenue and Deficit Financing of N350 billion.

He said the N1.343 trillion would be realised from the Total Internally Generated Revenue (IGR) of N1.108 trillion and a Total Federal Transfer of N234.235 billion.

The governor said: “We equally propose a recurrent expenditure of N759,958,569,792, comprising total overhead, total personnel cost, and recurrent debt service.

“The total overhead cost of N403,653,328,479 comprising: Overhead N221,957,283,661; Subvention N93,501,258,220 and Dedicated N88,194,786,596.

“The Total Personnel of N247,295,312,088 and Recurrent Debt Service of N109,009,929,224.

“As regards capital expenditure, we propose a total figure of N932,712,190,102; which includes capital expenditure of N670,134,079,150 and repayment of N262,578,110,952.

READ ALSO: Sanwo-Olu presents 2022 budget proposal of N1.38tr to Lagos Assembly

“The budget size is made up of recurrent expenditure of N759, 958,569,792 (45 percent) and capital expenditure of N932, 712,190,102 (55 percent).”

He said the deficit financing comprised external and internal loans and bonds which were well within the fiscal sustainability parameters.

Sanwo-Olu added: “Mr. Speaker, I am privileged to present to you today the Year 2023 Budget proposal, which is tagged ‘Budget of Continuity.’ As earlier stated, this is the last budget before the 2023 general elections.

“It is, therefore, an opportunity to consolidate on all that we have been doing since the inception of this administration, towards satisfying the yearnings and aspirations of the people of Lagos State.

“The year 2023 is a year in which we will aggressively focus on completing ongoing projects, while also expanding our social intervention programmes and support for citizens, and for micro and small businesses.”

In his remark, the Speaker of the Lagos State House of Assembly, Mudashiru Obasa, said the 2023 budget proposal was aimed at reducing poverty and improving the welfare of the people of the state.

He added that the state’s 2023 budget would have a more human face.

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