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Sanwo-Olu signs Lagos N1.77tn budget into law



Governor Babajide Sanwo-Olu on Friday signed Lagos State N1.768 trillion budget into law.

The 2023 budget was composed of capital expenditure of N1.019 trillion, representing 58 percent of the 2023 budget and the recurrent expenditure of N748 billion including personnel cost, overhead and debt services, representing 42 percent.

Sanwo-Olu, who signed the budget at the State House, Alausa and tagged it “budget of continuity”, said the fiscal document focuses on completing ongoing capital projects and expand intervention programmes, social support to citizens and their means of livelihoods.

The governor noted that implementation of the budget would see to completion of various ongoing capital projects, including the final construction phase of the 37-kilometre Lagos Red Rail Line from Agbado to Ebute Metta.

He added that the contractors handling various road and school construction projects in various locals governments in the state could now have access to funds to deliver the projects.

READ ALSO:Sanwo-Olu frees 104 inmates in Lagos

Sanwo-Olu said: “I’m delighted to assent to the 2023 appropriation bill transmitted to me after it was passed by the House of Assembly. The budget went through a rigorous review and passed through all the relevant statutory channels required before we now have a live document that can be implemented. This is a budget that speaks to the aspirations and the needs of Lagosians.

“The budget is audacious and its size is a reflection of the confidence our citizens repose in us. It is also a significant improvement in the discharge of the citizens’ civic responsibility in the areas of taxes and levies that are due to the government. I give assurance of our commitment to prudent implementation and improvement in service delivery that will bring about more dividends of good governance.

“Lagosians must know that our Government is committing to protecting their lives and their means of livelihoods. We can provide a lot more opportunities for our citizens in transportation, education, public health and other areas of human endeavour. To achieve these objectives, residents must see the real partner in us.

“We have seen the growth across the city and opportunities for business. Our budget must speak to this growth. Lagos needs to be in the comity of cities that can take opportunities to another level and ventilate its economic potential.”

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