Governor Babajide Sanwo-Olu of Lagos State, on Wednesday, proposed the sum of N1,388,285,459,990.51, as the 2022 budget.
The 2022 Appropriation Bill presented to the House of Assembly comprises revenue of N1,135,159,092,822.30 and deficit financing of N253,126,367,168.21.
The budget estimate showed a recurrent expenditure of N564,934,331,886.41 representing 41% and capital expenditure of N823,351,128,104.10 (59%).
Tagged the Year 2022 Budget of Consolidation”, Sanwo-Olu said the Year 2022 budget “projects a continuing but very gradual recovery to growth in economic activity as the global economy cautiously recovers from the impact of the Coronavirus pandemic. We have therefore approached our revenue expectations with cautious optimism.”
He explained that the deficit financing will be by way of a combination of external and domestic loans and bonds, which are well within the state’s fiscal sustainability parameters.
He said, “We have clearly articulated our vision in tackling governance in the State through the T.H.E.M.E.S agenda and have commenced the state’s thirty-year development plan 2021-2051 that will update and replace our previous plan, which was for 2012 -2025.
“This is necessary given the huge global changes that have come on us as a people and a nation. We must therefore continue to have a long-range view to our desired outcomes. This plan will therefore provide strategic direction and oversight for further growth and development in the State. This Year 2022 Budget is the next step on our journey to true and sustainable greatness in Lagos State.”
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