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Governor Sanwo-Olu presents budget to state assembly
Lagos State, Nigeria’s richest subnational state and government, has put together an expenditure plan of N1.39 trillion as budget for the incoming 2022 fiscal year.
Governor Bababjide Sanwo-Olu of Lagos State presented the budget estimate of N1,388,285,459,990.51 for 2022 before members of the state House of Assembly for consideration and approval in line with provisions of the constitution.
The financial proposal tagged, ‘Budget of Consolidation’, is N138 billion higher than that of the outgoing 2021 budget of N1.25 trillion, and has a recurrent expenditure of N564.93 billion, representing 40.4 percent of the total, while capital expenditure stands at N823.35 billion, representing 59.6 percent.
Governor Sanwo-Olu told the lawmakers that the presentation of the 2022 budget was to allow for consolidation of the gains recorded by the government over the years, noting that completion of various ongoing projects across the state would be the focus of the budget implementation as his administration commits to the transformation of Lagos to a preferred global destination for residence, commerce, and investment.
“Next year is an excellent opportunity for us to consolidate on what we have done so far, and ensure that every effort, investment inflow, partnership, business policy is translating maximally into noticeable positive impact in the lives of our people,” he added.
Dwelling on the budget estimate, a statement by Gboyega Akosile, chief press secretary to the governor, said the state has an allocation of 21.24 percent combined in the total expenditure to education and health, while N325 billion is to be expended on delivering crucial infrastructure projects in key sectors of its economy.
The sectors, according to the statement include; works and infrastructure, waterfront infrastructure development, agriculture, transportation, energy and mineral resources, tourism, entertainment and creative sector, commerce and industry, wealth creation and employment.
