By Sunday Ani and Lukman Olabiyi
The Lagos State Governor, Babajide sanwo-Olu, on Wednesday, November 24, presented a budget estimate of N1.38 trillion to the state House of Assembly.
Tagged, “Budget of Consolidation,” the budget saw the economic affairs sector getting the lion’s share of N325,014,165,395, about 23.41 percent, while the social protection sector got the least with N6,109,828,1603, about 0.71 percent.
The general public services got N235,400,815,610 (16.96 percent), Public order and safety got N61,710,691,428 (4.45 percent) while environment got N49,846,704,975 (3.59 percent)
Others are the housing and community amenities with N77,980,156,022 (5.62 percent), health sector with N123,166,815,968 (8.87 percent), recreation, culture and religion with N16,768,767,649 (1.21 percent and education with N672,5145,711 (12.37 percent).
The governor, who noted that 2022 would be the final full year of budget implementation before the next general election in 2023, said it was an excellent opportunity for him to consolidate on what his administration done so far, as well as ensure that every effort, investment, partnership, or policy, is translating maximally into noticeable positive impact in the lives of the people.
He further noted that the challenging environment required that the government focused its interventions in areas of greatest social impact, so as to achieve the greatest good for the greatest number, in the shortest possible time.
“It is in this light that we present to you the 2022 “Budget of Consolidation,” with a size of ₦1,388,285,459,990.51,” he noted.
According to the governor, the budget comprises total revenue of N1.135 trillion and a deficit financing of only N203.126 billion. “The budget size is further analysed as a recurrent expenditure of 41 percent at N564.9 billion and a capital expenditure of 59.6 percent at N823.35billion.
“The deficit financing will be by way of combination of external and domestic loans and bonds which will be within our physical sustainability parameters,” he said.
He described the year 2022 budget as the government’s next step in its journey to a true and sustainable greatness in Lagos State.
“We have clearly articulated our vision in tackling governance in the State through the T.H.E.M.E.S agenda and have commenced the state’s 30-year development plan, 2021-2051 which will update and replace our previous plan for 2012 -2025,” he added.
Commending members of the state assembly whose unflinching support and cooperation he said contributed greatly to the successful implementation of the 2021 budget so far, he promised to remain committed to Lagosians and the Lagos project, by leading from the front, communicating, welcoming, receiving counsel, and taking decisive action.
He also promised to deliver on the hopes and aspirations of the people, saying he would never let the people down. ‘I hope that every time I look behind me, I will find you there, because you are the ones who give basis and validity to whatever servant-leadership I am opportune to offer to this Center of Excellence that we call home.
“We have a unique opportunity to actualize the immense potential of our state and launch her on the path of irreversible prosperity for the benefit of our people. We must set our hearts and hands to the work, in one accord; knowing that the Almighty God will surely bless and multiply all our efforts and grant us amplified success on all fronts,” he said.

Related News