Sanwo-Olu presents N1.38trn 2022 budget

Governor Babajide Sanwo-Olu

Lagos State Governor Babajide Sanwo-Olu on Wednesday presented 2022 Appropriation Bill of N1.388 trillion titled Budget of Consolidation before the State House of Assembly.

The total budgetary proposal is ₦1,388,285,459,990.51, comprising total revenue of ₦1,135,159,092,822.30 and deficit financing of ₦253,126,367,168.21.

The recurrent expenditure stands at ₦564,934,331,886.41 (41%) while capital expenditure is ₦823,351,128,104.10 (59%).

The budget will focus on education, infrastructure, health and human capital development.

”The budget is aimed at consolidating all our efforts so far, into timely delivery of our electoral promises of a greater Lagos to all citizens and residents of the state. Our destination is now in sight,” Sanwo-Olu said.

According to him, the deficit financing will be by way of a combination of external and domestic loans and bonds, which were well within the fiscal sustainability parameters.

Speaker of the House Mudashiru Obasa said that the House would meticulously perform its constitutional duty concerning the budget.

Also at the presentation were Deputy Governor Obafemi Hamzat; members of the state executive council, traditional rulers, white cap chiefs, commissioner of police, Hakeem Odumosu; members of the governor’s advisory council, heads of security agencies, local government chairmen among others.

More to follow…