Governor Babajide Sanwo-Olu of Lagos State yesterday presented the 2020 Appropriation Bill of N1.168 trillion to the state House of Assembly.
Tagged, “Budget of Awakening to a Greater Lagos,” it comprises 62% capital and 38% recurrent expenditure, and is more than the 2019 budget by 34%.
Sanwo-Olu said the budget would be funded by a projected total revenue of N1.071trillion with a deficit of N97.53bn. The budget has a proposed capital expenditure of N723.75bn.
“This, in our view, is strong for development,” said the governor, adding that his administration had placed an increased focus on wealth creation.
He said; “In line with this, we have provided N11.8bn as counterpart funds in preparation for various social impact schemes. In addition, we have made provision for N7.1bn this year, to provide for industrial hubs, parks, graduate internship programs and virtual markets for artisans.
“This is in support for micro, small and medium enterprises which are the engines for both economic and employment growth. It is equally proposed that a total of N167.81billion of the recurrent expenditure shall be applied towards personnel costs and other staff-related expenses. This represents 22.02% of the proposed total revenue, which is within the acceptable wage policy of 25% of the total revenue, and includes a provision for the new minimum wage.