Lagos state Governor Babajide Sanwo-Olu has presented the state's 2022 budget to the state House of Assembly.
He said that the budget which was tagged "Budget of Consolidation", the State allocated a higher capital expenditure that will service key growth areas in order to consolidate the recovery of the State’s economy and positively transform residents’ livelihood.
The governor stated a total sum of N1.388 trillion was proposed, and targeted key growth areas as Works and Infrastructure, Waterfront Infrastructure Development, Agriculture, Transportation, Energy and Mineral Resources, Tourism, Entertainment and Creative Industry, Commerce and Industry, Wealth Creation and Employment.
Explaining the budget proposed, He said, "N823.4 billion, represents 59% of the 2022 budget and has been earmarked for capital expenditure while N565 billion representing 41% will be devoted to recurrent expenditure which includes personnel cost, overhead and debt services."
The governor stated that the state is looking towards the future with the activation of the implementation of a 30-year development plan (2021-2051) which has replaced the previous 13-year growth plan developed in 2012.
According to him, The 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 achieving the greatest good for the greatest number in the shortest possible time.
Governor Sanwo-Olu stated that part of the total proposed expenditure, N1.135 trillion would accrue from Internally Generated Revenues (IGRs) and federal transfers, while deficit financing of N253 billion would be sourced from external and domestic loans, and bonds projected to be within the State’s fiscal sustainability parameters.
He added that 2022 is opportunity to consolidate on the work 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.
Source: www.clintonsdaily.com
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