The Lagos State government is planning to spend N1.692 trillion in 2023.
This was revealed by Governor Sanwo-olu on Thursday while presenting the proposed ‘Budget of Continuity,’ to the Lagos State House of Assembly.
Mr Sanwo-Olu said the proposed budget comprises N1.343 trillion Total Revenue and Deficit Financing of N350 billion.
He said the total revenue of N1.343 trillion will be realised from the Total Internally Generated Revenue (IGR) of N1.108 trillion and Total Federal Transfer of N234.235 billion.
He said, “We equally propose a recurrent expenditure of N759,958,569,792, comprising total overhead, total personnel cost and recurrent debt service.
“The total overhead cost of N403,653,328,479 comprising: Overhead N221,957,283,661; Subvention N93,501,258,220 and Dedicated N88,194,786,596.
“The Total Personnel of N247,295,312,088 and Recurrent Debt Service of N109,009,929,224.
“As regards Capital Expenditure, we propose a total figure of N932,712,190,102; which includes Capital expenditure of N670,134,079,150 and Repayment of N262,578,110,952.
“The budget size is made up of recurrent expenditure of N759,958,569,792 (45 per cent) and capital expenditure of N932,712,190,102 (55 per cent),” he said.
The governor said the deficit financing consisted of external and internal loans and bonds, which were well within the fiscal sustainability parameters.
In his remarks, the Speaker, Lagos State House of Assembly, Mr Mudashiru Obasa, said the 2023 budget proposal of N1.692 trillion was targeted at reducing poverty and improving the welfare of the residents of the state.
