- Safiu Kehinde
Lagos State governor, Babajide Sanwo-Olu, has, on Thursday, presented N3 trillion budget proposal before the state’s House of Assembly.
As disclosed in a statement issued by the Special Adviser to the governor on media and publicity, Gboyega Akosile, the budget themed ‘Budget of Sustainability’ is made up of recurrent expenditure of N1.239 trillion (41%) and capital expenditure of N1.766 trillion (59%).
With a total Revenue of N2.5 trillion, the budget deficit stood at N408 billion which, according to Akosile, will be financed through external loans, internal loans, and bonds.
Meanwhile, the capital expenditure is divided across six sectors with Economic Affairs taking the largest share of N908.7 billion.
Environment sector received second largest share with N233.3 billion while N204 billion and N208 billion were allocated to the health and education sectors respectively.
For the state’s security, safety, and public order, Sanwo-Olu allocated N124 billion while N47 billion is set aside for social protection.