The Lagos State Governor, Mr Babajide Sanwo-Olu has presented a budget of ₦1,388,285,459,990.51 to the Lagos State House of Assembly on Wednesday.
Sanwo-Olu, while presenting the document, which he described as Budget of Consolidation, said the N1.4trn budget size comprises a total revenue of ₦1,135,159,092,822.30 and a deficit financing of ₦253,126,367,168.21.
According to the governor, the recurrent expenditure for the 2022 fiscal year is ₦564,934,331,886.41, making 41 per cent of the budget, saying the capital expenditure of ₦823,351,128,104.10, stands at 59 per cent of the total package.
The financial proposal tagged ‘Budget of Consolidation’ has an allocation of 21.24 per cent combined in the total expenditure to education and health.
Explaining the budget, Sanwo-Olu said, “Year 2022 budget is the next step on our journey to true and sustainable greatness in Lagos.
The challenging environment requires that we focus our interventions on areas of greatest social impact and achieve the greatest good for the greatest number in the shortest possible time.
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.
It is in this light that we are presenting the Year 2022 Budget of Consolidation with a size of N1,388,285,459,990.51. This financial proposal is presented with a sense of duty and absolute commitment to the transformation of Lagos to a preferred global destination for residence, commerce, and investment.
The budget projects to see a continuing but gradual recovery to growth in economic activity as the global economy cautiously recovers from the impact of the Coronavirus pandemic.”