Governor Babajide Sanwo-Olu of Lagos State on Thursday, October 27, 2022, presented a N1.692 trillion 2023 budget proposal, tagged: ‘Budget of Continuity,’ to the Lagos State House of Assembly.
Speaking during the presentation, Sanwo-Olu said the government would aggressively focus on completing ongoing projects in 2023.
He said the 2023 Budget of Continuity – as proposed – had a total size of N1.693 trillion, comprising N1.343 trillion Total Revenue and Deficit Financing of N350 billion.
According to him, the total revenue of N1.343 trillion will be realised from the Total Internally Generated Revenue (IGR) of N1.108 trillion and Total Federal Transfer of N234.235 billion.
“We equally propose a recurrent expenditure of N759,958,569,792, comprising total overhead, total personnel cost and recurrent debt service.
“The total overhead cost of N403,653,328,479 comprising: Overhead N221,957,283,661; Subvention N93,501,258,220 and Dedicated N88,194,786,596.
“The Total Personnel of N247,295,312,088 and Recurrent Debt Service of N109,009,929,224.
“As regards Capital Expenditure, we propose a total figure of N932,712,190,102; which includes Capital expenditure of N670,134,079,150 and Repayment of N262,578,110,952.
“The budget size is made up of recurrent expenditure of N759,958,569,792 (45 per cent) and capital expenditure of N932,712,190,102 (55 per cent),” he said.
The governor said the deficit financing consisted of external and internal loans and bonds, which were well within the fiscal sustainability parameters.
“Mr Speaker, I am privileged to present to you today the Year 2023 Budget proposal, which is tagged ‘Budget of Continuity.’ As earlier stated, this is the last budget before the 2023 general elections.
“It is, therefore, an opportunity to consolidate on all that we have been doing since the inception of this administration, towards satisfying the yearnings and aspirations of the people of Lagos State.
“Year 2023 is a year in which we will aggressively focus on completing ongoing projects, while also expanding our social intervention programmes and support for citizens, and for micro and small businesses,” he said.
In his remark, the Speaker, Lagos State House of Assembly, Mr Mudashiru Obasa, said the 2023 budget proposal of N1.692 trillion was targeted at reducing poverty and improving the welfare of the residents of the state.
Obasa, while highlighting some of the challenges currently facing Nigeria and its citizens, said the 2023 budget of Lagos should have more human face.
“Today’s formal presentation of the Year 2023 budget by the governor signposts another positive chapter in the beautiful history of our state, her progress and development.
“Around this time last year, Mr Governor was here to present the Year 2022 budget themed: ‘Budget of Consolidation,’ with detailed plans for the current year which is about to end.
“As we gather here, we have all witnessed the outstanding performance of the budget as regards infrastructural renewal and wealth creation. We can testify that Lagos is truly working.
“Today, we have come together again to fulfill the requirement stipulated in Section 121 (1) of the 1999 Constitution (as amended).
“The intendment is to deepen democracy, strengthen democratic institutions and create a society that is not only habitable, but which provides a pride of place for its residents,” he said.
The speaker said the state government should constantly be conscious that the residents yearn for more dividends of democracy.