Lagos state plans to spend N759billion on recurrent expenditure, according to its proposed N1.69 trillion proposed Appropriation Bill. Babajide Sanwo-olu, the state governor, presented the spending proposal for 2023 to the House of Assembly on Thursday.
Tagged, ‘budget of continuity’, the state also allocated N932 billion to financing its capital projects.
Speaking while presenting the spending plan, Sanwo-olu, said, “This Budget of Continuity will propel Lagos to the next fiscal level and economic growth.”
“Next year, we will aggressively focus on completing ongoing projects, while also expanding our social intervention programs and support for citizens, and for micro and small businesses.
“The budget will offer us an opportunity to consolidate on all we have been doing towards satisfying the yearnings and aspirations of the people,” the governor said.
The proposed spending, the governor said, would be financed through Internally generated revenues, federal transfers, loans and bonds.
“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,” he stated.
