Budget 2022: Sanwo-Olu Writes, Breaks Down Proposal

By Babajide Sanwo-Olu

It is imperative that we remain accountable to everyone.

 Therefore, please find below the breakdown of the 2022 budget proposal presented to the Lagos state House of Assembly.

We presented the Year 2022 Budget of Consolidation with a size of N1,388,285,459,990.51. This financial proposal is presented with a sense of duty and absolute commitment to the transformation of Lagos to a preferred global destination for residence, commerce, and investment. The budget projects to see a continuing but gradual recovery to growth in economic activity as the global economy cautiously recovers from the impact of the Coronavirus pandemic.

Of the total proposed expenditure, N1.135 trillion would accrue from Internally Generated Revenues (IGRs) and federal transfers, while deficit financing of N253 billion would be sourced from external and domestic loans, and bonds projected to be within the state’s fiscal sustainability parameters.

The state would appropriate an aggregate of N137.64 billion, representing 9.92% of the 2022 budget, for the funding of green investment in Environment, Social Protection, Housing and Community Amenities.

N823.4 billion, represents 59% of the 2022 budget and has been earmarked for capital expenditure while N565 billion representing 41% will be devoted to recurrent expenditure which includes personnel cost, overhead and debt services.

His Excellency, Babajide Sanwo-Olu is the Executive Governor of Lagos State, Nigeria.

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