Sanwo-Olu proposes N1.692trn for 2023

Governor Babajide Sanwo-Olu of Lagos State has proposed N1.692 trillion for the 2023 fiscal year, tagged ‘Budget of Continuity.’

At the presentation of the proposal to the state House of Assembly on Thursday, Sanwo-Olu said his administration will leverage the budget to aggressively pursue the completion of ongoing infrastructural projects in the state.

The N1.692 trillion budget is comprised of N1.343 trillion total revenue and N350 billion deficit financing.

According to Sanwo-Olu, the total revenue of N1.343 trillion will be realised from the total internally generated revenue (IGR) of N1.108 trillion and the total federal transfers of N234.235 billion.

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“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 %) and capital expenditure of N932,712,190,102 (55 %),” he said.

The governor said the deficit financing consisted of external and internal loans and bonds, which were well within the fiscal sustainability parameters.

Addressing the house members directly, Sanwo-Olu said: “Mr Speaker, I am privileged to present to you today the Year 2023 budget proposal, which is tagged ‘Budget of Continuity.’ This is the last budget before the 2023 general election.

“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.

“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.

Mudashiru Obasa, the speaker of the state House of Assembly, responding, said the N1.692 trillion budget will reduce poverty and improve the welfare of the residents of the state.

“Today’s formal presentation of the 2023 budget by the governor signposts another positive chapter in the history of our state, its progress and development.

“Around this time last year, Mr Governor was here to present the 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.