Sanwo-Olu presents N1.69trn budget to Lagos Assembly

Lagos State Governor, Babajide Sanwo-Olu, on Thursday, presented the 2023 budget to the State House of Assembly.

Sanwo-Olu presented the budget estimates of N1,692,670,759,894 with N759,958,569,792 as recurrent expenditure representing 45 per cent, while capital is N932,712,190,102 representing 55 per cent.

The state government’s major concerns in 2023 are health and environment, education, and economy.

Sanwo-Olu proposed N153.5 billion allocation to education next year, representing 9.07 per cent of the total budget estimates.

He said the previous investments in education had yielded, leading to the achievement of a record high performance of 82 per cent in the 2022 West African Senior School Certificate Examination (WASSCE).

This was against 39 per cent in 2019 when the administration came on board.

The governor is earmarking N339 billion capital (20.06 per cent) to provide infrastructure in various sectors next year, while dedicating an aggregate of N191 billion, representing 11.29 per cent, to health and environment.

Of the proposed 2023 expenditure, N1.343 trillion would accrue from Internally Generated Revenues (IGRs) and federal transfers, while deficit financing of N350 billion would be sourced from external and domestic loans, and bonds projected to be within the State’s fiscal sustainability parameters.

The state would be earmarking an aggregate of N67.4 billion, representing 3.98 per cent of the 2023 budget, to achieve the government’s social housing programme and provide amenities across communities.

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The governor, who described the 2023 budget as ‘budget of continuity’, said its effective implementation will be for the benefit of all the people of Lagos State.

Sanwo-Olu said the 2023 budget presented his administration the opportunity to consolidate on its development strides since inception and satisfy the yearnings of the residents.

He said the state would not only “aggressively” focus on completing ongoing projects next year, but would also expand intervention programmes and intensify social support to citizens and their means of livelihood.

Sanwo-Olu said the next year’s spendings would further demonstrate his administration’s determination to scale up good governance and quality service to the people through the T.H.E.M.E.S Agenda, stressing that the budget would propel the state to higher level of fiscal growth and social development.

He further called on the Federal Government to grant special economic status to Lagos state as “a national asset”, saying: “Lagos continues to experience increased pressure on social services due to unhindered migration from other parts of the country.

“It is for this reason that I always sought and I will still continue to reiterate the need for Lagos to be accorded a special status as a national asset.

“Lagos is too big for this country to allow it to fail. Lagos is too strategic for us not to see it that the wholesome of Lagos is wholesome of this country, that the benefits of Lagos transcend one region, one part, or one scope of this country.

“As a microsome of the entire country, Lagos deserves all the support it can get at the national level,” Governor Sanwo-Olu stated.

The Star