Lagos State Presents « Budget of Renewal » for 2023: A Focus on Sustainable Development
Lagos State, one of the most populous and economically vibrant states in Nigeria, recently presented its proposed budget for the year 2023. Dubbed the « Budget of Renewal, » it aims to revitalize the state through investments in key sectors and sustainable development initiatives.
Governor Babajide Sanwo-Olu revealed that the budget size amounts to a total of ₦2.246 trillion, with 45% allocated to recurrent expenditure and 55% to capital expenditure. This balanced allocation reflects the state’s commitment to both maintaining its existing infrastructure and investing in new projects for future growth.
In terms of revenue sources, the state expects to generate ₦1.848 trillion internally while relying on ₦398.3 billion in deficit financing. This deficit financing will be met through a combination of external and internal loans and bonds, ensuring that the state’s fiscal sustainability remains intact.
The proposed recurrent expenditure of ₦1.021 trillion will cover overhead costs, personnel costs, and recurrent debt servicing. Overhead costs alone amount to ₦527.782 billion, which includes subventions and dedicated funds for various sectors. Personnel costs account for ₦319.23 billion, reflecting the state’s commitment to its workforce and ensuring the smooth functioning of public services.
On the other hand, the capital expenditure of ₦1.224 trillion will be allocated to key sectors that contribute to the state’s economic growth and overall well-being of its residents. Economic affairs will receive ₦535 billion, emphasizing the state’s focus on promoting business and creating employment opportunities. Additionally, ₦156 billion will be allocated to the health sector, reflecting the state’s commitment to improving access to quality healthcare services.
The education sector will also receive ₦199 billion, highlighting the state’s dedication to providing quality education and nurturing the talents of its youth. Social protection initiatives will be supported with ₦50 billion, ensuring that vulnerable populations receive the necessary support and assistance. Public order and safety will also be prioritized, with an allocation of ₦84 billion to maintain law and order in the state.
Governor Sanwo-Olu emphasized that these budget allocations reflect the state’s commitment to bringing about positive change and driving sustainable development. He assured the residents of Lagos State that better times are coming, and the investments being made will yield long-term dividends.
Furthermore, the Governor highlighted the state’s collaboration with the Federal Government to mitigate the impact of the fuel subsidy removal and high inflation. Efforts will focus on addressing transportation and food costs, with future plans to align with the federal government’s targeted food security initiatives.
In conclusion, the « Budget of Renewal » for 2023 presented by Lagos State demonstrates the government’s commitment to sustainable development and addressing the needs of its residents. By allocating resources to key sectors and investing in infrastructure, the state aims to create a conducive environment for economic growth and improve the overall well-being of its citizens. With these efforts, Lagos State is poised for a renewed future.