Lagos State Governor Babajide Sanwo-Olu yesterday presented the 2022 budget proposal of N1,388,285,459,990.51to the House of Assembly for the approval. The budget proposal has a revenue of N1,135,159,092,822.30 and deficit financing of N253,126,367,168.21.
The budget size is further analysed as recurrent expenditure of N564,934,331,886.41 (41%) and capital expenditure of N823,351,128,104.10 (59%). Sanwo-Olu, who also said the budget will be the final full year of Budget Implementation before the general election in 2023, explained that the estimates would impact positively on the people. He said the challenging environment also requires that his administration focuses its interventions in areas of greatest social im-pact, achieving the greatest good for the greatest number, in the shortest possible time. The governor explained that the deficit financing will be by way of a combination of external and domestic loans and bonds, which are well within our fiscal sustainability parameters.
He added that his administration had clearly articulated its vision in tackling governance through the T.H.E.M.E.S agenda and have commenced the thirty- year development plan 2021-2051 that will update and replace our previous plan, which was for 2012 -2025. Sanwo-Olu said: “This is necessary given the huge global changes that have come on us as a people and a nation.
We must therefore continue to have a long-range view to our desired outcomes. “This plan will therefore provide strategic direction and oversight for further grow