New Telegraph

Sanwo-Olu presents N1.692trn budget estimate for 2023

Governor Babajide Sanwo-Olu of Lagos State has presented an estimated N1.692 trillion budget for the 2023 fiscal year to the State House of Assembly. Speaking at the presentation of the appropriation bill, yesterday, tagged, “Budget of Continuity,” Sanwo- Olu said the budget comprises a total revenue of N1.342 trillion and a deficit financing of N350 billion. The budget equally has an estimated recurrent expenditure of N759 billion representing 45 per cent and an estimated capital expenditure of N932 billion, representing 55 per cent of the entire budget.

The governor said the budget was prepared bearing in mind the fact that 2023 is a year in which the administration will aggressively focus on completing ongoing projects and expanding its social intervention programmes and support for citizens, as well as for micro and small businesses.

The sectorial breakdown of the budget also indicates that economic affairs received the largest chunk of the estimate while social protection received the least amount. A breakdown of the budget showed that General Public Services received N308 billion; Public Order and Safety – N80 billion; Economic Affairs – N339 billion; Environment – N65 billion; Housing and Community Amenities – N67 billion; Health – N125 billion; Recreation, Culture and Religion – N24 billion; Education – N153 billion; Social Protection – N18 billion and Contingency Reserve, including Special Expenditure – N71 billion. Promising that the state government would continue all it can to stabilise and grow the state’s economy, the governor said: “Despite all the challenges, we will continue to intensify our efforts at building a resilient economy. We have completed most of the ongoing projects that we inherited from the past administrations.

The outstanding uncompleted projects have seen substantial progress and will be commissioned very soon. “Our various policies, programmes and interventions have centered around creating opportunities for our teeming population: by focusing on job creation and human capital development. The people of Lagos are the greatest assets that the state has, and it is to them that the credit must go for the economic growth and development that the state has enjoyed over the decades.” Sanwo-Olu noted: “The future is bright and I promise you that we will continue to deliver on our electoral promises to you all.”

In his response, the Speaker of the state Assembly, Mudashiru Obasa, promised that he and his colleagues would look at the budget estimate and give it the desired attention. He stressed that Lagos deserve one per cent special status from the Federal Government, considering its population and constant influx of people to the state on a daily basis.

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