Lagos State Governor, Babajide Sanwo-Olu, on Wednesday presented the 2022 budget proposal of N1.388 trillion to the State House of Assembly for approval.
The governor, who presented the appropriation bill, christened: “Budget of Consolidation,” said it was targeted at completing ongoing projects in the state.
He said: “The year 2022 is a year in which we will focus obsessively on completing ongoing projects, while also expanding our social intervention programmes and support for citizens, and for micro and small businesses.
“The budget is aimed at consolidating all our efforts so far, into timely delivery of our electoral promises of a greater Lagos to all citizens and residents of the state. Our destination is now in sight.
“We propose a total revenue of N1,135,159,092,822.30 for 2022. This comprises of total Internally Generated Revenues (IGR) and total federal transfers.
“The total IGR will be N898.891 billion while the total Federal Transfer expected will be N236.268 billion.
“The budget projects a continuing but very gradual recovery to growth in economic activity as the global economy cautiously recovers from the impact of the COVID-19 pandemic.
“We have, therefore, approached our revenue expectations with cautious optimism.”
The governor revealed that the sum of N564.934 billion or 41 percent of the total budget was earmarked for recurrent expenditure and N823.351 billion or 59 percent for capital expenditure.
Sanwo-Olu added: “We propose a recurrent expenditure of N564.934 billion, comprising total overhead, total personnel cost, and recurrent debt service.
“The total overhead cost is N303.272 billion, comprising of overhead cost – N158.735 billion, subventions – N89.642 billion and dedicated cost of N54.896 billion.
“The total personnel cost is N189.399 billion, while the recurrent debt service is N72.262 billion.
“The capital expenditure of N823.351 billion included the General Public Services – N171.550 billion, public order and safety – N27.495 billion, economic affairs – N52.552 billion and the environment – N27.333 billion.
“It also includes Housing and Community Amenities for N11.058 billion, Health – N87.875 billion, Recreation, Culture and Religion – N4.320 billion, Education – N112.650 billion, and Social Protection for N6.109 billion.
Other Capital Expenditures include Contingency Reserve (Including Special Expenditure-Statewide and Special Expenditure-Others) – N10.840 billion, Loans (Repayments, CDSA & Debt Servicing) – N170.997 billion, Personnel Cost (Service-wide and Pension) – N53.147 billion, and Grants & Counterpart Fund – N55.852 billion.”
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