By Sunday Ani, Lagos
Lagos State Governor Babajide Sanwo-Olu on Thursday presented an estimated N1. 692 trillion budget for the 2023 fiscal year to the state House of Assembly.
Tagged, “Budget of Continuity,” 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 that “the year 2023 is a year in which we will aggressively focus on completing the ongoing projects and expanding our social intervention programmes and support for citizens and for micro and small businesses.”
The sectoral breakdown of the budget also indicates that education received the largest chunk of the budget estimate with social protection receiving the least amount.
A breakdown of the budget showed that the 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 stabilize 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. Lagos State does not lack the courage, character, conviction, and creativity needed to retain its position as an economic powerhouse. We will keep challenging ourselves to innovate for growth.”
He noted that the road might be rough but promised that the state would keep moving.
The Governor called on Lagosians to join hands with the government to create “Lagos of our collective dreams and aspiration. 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 told the governor that the 2023 budget should have a more humane face, with a primary focus to reduce poverty and improve the welfare of the residents.
He stressed that Lagos deserves one per cent special status from the federal government considering its population and constant influx of people to the state on a daily basis.