The Lagos State Governor, Babajide Sanwo-olu, disclosed his intentions to the house of assembly on Thursday 27 October. The Governor presented a bill budget sum of N1. 693 trillion to the house of assembly.
On the said 2023 budgets, N1. 343 trillion would accrue from internally Generated Revenue and Federal transfers. While deficit financing of N350 billion would be sourced from external and domestic loans. And bond project to be within the state fiscal sustainability parameters.
According to the Governor, the state will earmark an aggregate of N67. 4 billion, representing 3.98 percent of 2023 budget to achieve the government social housing programme and provide amenities across communities.
Governor Sanwo-olu further more disclosed, an N153. 5 billion allocations to education next year, representing 9.07 percent of total budgets estimate. In order to consolidate the gains of the past year in the sector, he said the previous investment in education had yielded a high performance of 82 per cent in the 2022 West African Senior School Certificate Examination.
The Governor is earmarking N339 billion capital(20.06 percent) to the provided infrastructure in various sectors next year, while dedicating an aggregate of N191 billion, representing 11.29 percent to health and the environment.
The 2023 bill has capital expenditure of N932. 7 billion representing 55 percent of the 2023 budget. The recurrent expenditure representing 45 percent is N759. 96 billion, which includes personal cost ,overhead and debt service.
More details will updated soon as possible…