Lagos State Governor, Mr Babajide Sanwo-Olu, on Thursday presented a budget estimate of N1.6tn for the 2023 fiscal year before the state House of Assembly for passage into law.
Sanwo-Olu announced this package while addressing the members of the Assembly, presiding over by the Speaker, Hon. Mudashiru Ajayi Obasa, saying that next year’s budget was christened, “Budget of Continuous Development.”
Giving a breakdown of the budget, Governor Sanwo-Olu said it comprises
Capital Expenditure of N932,712,190,102 and Recurrent of N759,958,569,792.
According to him, the budget size is made up of recurrent expenditure of N759,958,569,792 (45%) and capital expenditure of N932,712,190,102 (55%).
“In view of this, I am pleased to present to you the “Y2023 Budget of Continuity” – as proposed – with a total budget size of N1,692,670,759,894, comprising a Total Revenue of N1,342,670,649,640 and Deficit Financing of N350,000,000,000.
“This comprises total internally generated revenue and total Federal transfers as follows: Total IGR, N1,108,435,649,640, Total Federal Transfer, N234,235,000,000.
