Budget 2023: Lagos to borrow 350 billion naira
Lagos State Governor Babajide Sanwo-Olu introduced the N1.693 trillion 2023 Appropriations Bill to the House of Assembly on Thursday.
Of the proposed spending for 2023, N1,343 trillion would come from internally generated revenue and federal transfers, while funding for the N350 billion deficit would come from external and domestic loans, and bonds that should respect the government's fiscal sustainability parameters.
According to the governor, the state will allocate a total of 67.4 billion naira, or 3.98% of the 2023 budget, to carry out the government's social housing program and provide amenities in all communities.
The state, the governor said, would maintain its strategic investment in human capital and channel resources to provide more infrastructure to keep its economy on a growth path beyond next year. The main concerns of the state government in 2023 are health and the environment, education and the economy.
Sanwo-Olu has proposed an allocation of 153.5 billion naira to education next year, representing 9.07% of total budget estimates, to consolidate the gains of recent years in the sector. He said previous investments in education had paid off, leading to a record performance of 82% in the West African Secondary School Certificate Examination in 2022. /p>
That was up from 39% in 2019, when the administration intervened.
The Governor is earmarking capital of N339 billion (20.06%) to provide infrastructure in various sectors next year, while allocating a total of N191 billion, or 11.29%, for health and the environment.
The budget proposal titled "Continuity Budget," Sanwo-Olu said, offered his administration an opportunity to consolidate its development progress since its inception and meet the aspirations of residents.
He said the state would not only focus “aggressively” on completing ongoing projects next year, but would also expand response programs and step up social support to citizens and communities. their livelihoods.
The Appropriation Bill 2023 provides for capital expenditure of N932.7 billion, or 55% of the 2023 budget. Recurrent expenditure, accounting for 45%, is N759.96 billion, which which includes staff costs, overheads and debt service.
Sanwo-Olu said next year's spending would further demonstrate his government's determination to scale up good governance and quality service to the people through the T.H.E.M.E.S agenda, noting that the budget would propel the state to a higher level of fiscal growth and social development.
He said, "The Finance Bill for the year 2023, which will be our administration's final budget ahead of the 2023 general election, expresses our unwavering determination to continue to serve the people of Lagos through our development agenda, while maintaining the trust and confidence that the people have shown in us since 2019. As we resume the electoral campaign to seek the mandate of Lagosians for another four years, we have resolved to continue our bold interventions in all sectors of the economy.
“This continuity budget will propel Lagos to the next level of fiscal and economic growth. Another important moment is coming in the life of our administration; it is the culmination of a term dedicated to achieving a Greater Lagos, and the beginning of a new term dedicated to unlocking a higher level of growth and prosperity for our people. Next year, we will actively focus on carrying out ongoing projects, while expanding our social intervention and support programs for citizens, as well as micro and small businesses. The budget will give us an opportunity to consolidate all that we have done to satisfy the desires and aspirations of the people. »
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Lagos State Governor Babajide Sanwo-Olu introduced the N1.693 trillion 2023 Appropriations Bill to the House of Assembly on Thursday.
Of the proposed spending for 2023, N1,343 trillion would come from internally generated revenue and federal transfers, while funding for the N350 billion deficit would come from external and domestic loans, and bonds that should respect the government's fiscal sustainability parameters.
According to the governor, the state will allocate a total of 67.4 billion naira, or 3.98% of the 2023 budget, to carry out the government's social housing program and provide amenities in all communities.
The state, the governor said, would maintain its strategic investment in human capital and channel resources to provide more infrastructure to keep its economy on a growth path beyond next year. The main concerns of the state government in 2023 are health and the environment, education and the economy.
Sanwo-Olu has proposed an allocation of 153.5 billion naira to education next year, representing 9.07% of total budget estimates, to consolidate the gains of recent years in the sector. He said previous investments in education had paid off, leading to a record performance of 82% in the West African Secondary School Certificate Examination in 2022. /p>
That was up from 39% in 2019, when the administration intervened.
The Governor is earmarking capital of N339 billion (20.06%) to provide infrastructure in various sectors next year, while allocating a total of N191 billion, or 11.29%, for health and the environment.
The budget proposal titled "Continuity Budget," Sanwo-Olu said, offered his administration an opportunity to consolidate its development progress since its inception and meet the aspirations of residents.
He said the state would not only focus “aggressively” on completing ongoing projects next year, but would also expand response programs and step up social support to citizens and communities. their livelihoods.
The Appropriation Bill 2023 provides for capital expenditure of N932.7 billion, or 55% of the 2023 budget. Recurrent expenditure, accounting for 45%, is N759.96 billion, which which includes staff costs, overheads and debt service.
Sanwo-Olu said next year's spending would further demonstrate his government's determination to scale up good governance and quality service to the people through the T.H.E.M.E.S agenda, noting that the budget would propel the state to a higher level of fiscal growth and social development.
He said, "The Finance Bill for the year 2023, which will be our administration's final budget ahead of the 2023 general election, expresses our unwavering determination to continue to serve the people of Lagos through our development agenda, while maintaining the trust and confidence that the people have shown in us since 2019. As we resume the electoral campaign to seek the mandate of Lagosians for another four years, we have resolved to continue our bold interventions in all sectors of the economy.
“This continuity budget will propel Lagos to the next level of fiscal and economic growth. Another important moment is coming in the life of our administration; it is the culmination of a term dedicated to achieving a Greater Lagos, and the beginning of a new term dedicated to unlocking a higher level of growth and prosperity for our people. Next year, we will actively focus on carrying out ongoing projects, while expanding our social intervention and support programs for citizens, as well as micro and small businesses. The budget will give us an opportunity to consolidate all that we have done to satisfy the desires and aspirations of the people. »
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