Sanwo-Olu Presents N2.25tn Budget
In a strategic move aimed at propelling Lagos State into a new era of economic growth and social development, Governor Babajide Sanwo-Olu presented a comprehensive budget proposal totaling N2.246 trillion before the esteemed lawmakers of the Lagos State House of Assembly.
The budget blueprint, meticulously structured to address key fiscal priorities, unfolds with a Total Revenue of N1.847 trillion. This revenue stream is derived from a judicious blend of Internally Generated Revenue (IGR) and Federal Transfers, with IGR accounting for N1.251 trillion and Federal Transfers contributing N596.629 billion.
Governor Sanwo-Olu’s fiscal strategy allocates N1.021 trillion for recurrent expenditure, encompassing overhead costs, personnel expenses, and recurrent debt service. The breakdown reveals a meticulous distribution, with Total Overhead Cost amounting to N527.782 billion, including Overhead (N304.753 billion) and Subventions (N123.010 billion). Dedicated Funds are earmarked at N100.02 billion, while Total Personnel Cost and Recurrent Debt Service stand at N319.230 billion and N174.94 billion, respectively.
Capital Expenditure, a cornerstone for driving infrastructural development, is allocated a robust N1.224 trillion. This segment is further delineated into Capital Expenditure at N856.387 billion and Repayments at N367.893 billion.
The sectoral allocation within the budget underscores a commitment to diverse developmental pillars. Economic Affairs leads with N535 billion, followed by Education at N199 billion, Health at N156 billion, Environment at N94 billion, and Public Order and Safety at N84 billion. Social Protection is allocated N50 billion to fortify initiatives aimed at enhancing the well-being of Lagosians.
The budget’s meticulous balance allocates 45% to recurrent expenditure and 55% to capital expenditure, reflecting a prudent fiscal approach. Importantly, the deficit financing component remains within Lagos State’s fiscal sustainability parameters, incorporating a mix of external and internal loans and bonds.
Governor Sanwo-Olu’s budget presentation signals a resolute commitment to charting a course for Lagos State’s comprehensive growth, addressing both immediate needs and long-term development objectives.
