Sanwo-Olu Presents N1.693 trillion 2023 Appropriation Bill to House of Assembly
The Lagos State Governor, Babajide Sanwo-Olu, presented the N1.693 trillion 2023 Appropriation Bill to the House of Assembly on Thursday.
Internally Generated Revenues and federal payments would account for N1.343 trillion of the estimated 2023 spending, while deficit financing of N350 billion would come from foreign and local loans, as well as bonds projected to be within the state’s fiscal sustainability standards.
According to the governor, the state would set aside N67.4 billion, or 3.98 per cent of the 2023 budget, to implement the government’s social housing programme and offer facilities throughout the state.
The governor stated that the state will maintain its strategic investment in human capital and channel money to build more infrastructure in order to keep its economy growing beyond the next year. In 2023, the state government’s top priorities will be health and the environment, education, and the economy.
Sanwo-Olu suggested allocating N153.5 billion to education next year, or 9.07 per cent of overall budget projections, in order to consolidate the sector’s advances during the previous years. He stated that prior expenditures in education had resulted in a record-high performance of 82% in the 2022 West African Senior School Certificate Examination.
This compares to 39% in 2019, when the administration took office.
The governor has set aside N339 billion in capital (20.06 percent) for infrastructure in several sectors next year, while allocating N191 billion, or 11.29 percent, to health and the environment.
According to Sanwo-Olu, the budgetary plan dubbed “Budget of Continuity” provided his government with the opportunity to build on its development advances since inception while also satisfying people’ desires.
He stated that the government would not only “aggressively” focus on finishing current projects next year, but would also extend intervention programmes and enhance social assistance to residents and their means of subsistence.
The capital expenditure in the 2023 Appropriation Bill is N932.7 billion, which accounts for 55% of the budget for 2023. The recurring expense, which accounts for 45 percent of total spending, is N759.96 billion, which comprises staff costs, overhead, and debt servicing.
Sanwo-Olu stated that the budget for the coming fiscal year would 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, emphasising that the budget would propel the state to a higher level of fiscal growth and social development.
“The Year 2023 Appropriation Bill, which will be our administration’s final budget before the 2023 general elections, expresses our unwavering determination to continue serving the people of Lagos through our development agenda, while upholding the trust and faith reposed in us by the people since 2019,” he said. We have determined to continue our bold interventions in every area of the economy as we return to the campaign road to seek the mandate of Lagosians for another four years.
“The Continuity Budget would take Lagos to the next fiscal level and economic prosperity.” Another watershed event in our administration’s history is approaching; it marks the end of a tenure devoted to creating a Greater Lagos and the beginning of a new era.
