Sanwo-Olu explained that the budget, which is themed “Budget of Continuity: Consolidating on Our Development Strides,” would focus on completing ongoing capital projects, expanding intervention programs, and intensifying social support for citizens and their means of livelihoods. He emphasized that the budget would help his administration to consolidate the development strides it has made thus far and to meet the needs of the residents of the state.
Governor Babajide Sanwo-Olu of Lagos State signed the state’s N1.768 trillion “Budget of Continuity” into law yesterday, with the aim of consolidating the development strides of his administration and addressing the needs of the residents. The budget signing ceremony was held at the Governor’s Office in Alausa. Sanwo-Olu stated that the budget will focus on completing ongoing capital projects, expanding intervention programs, and intensifying social support for citizens and their means of livelihood.
The 2023 Appropriation Bill has a capital expenditure of N1.019 trillion, representing 58% of the budget, while the recurrent expenditure, representing 42%, is N748 billion, including personnel cost, overhead, and debt servicing. The Governor also mentioned that the budget will see to the completion of various ongoing capital projects, including the final construction phase of the 37-kilometer Lagos Red Rail Line from Agbado to Ebute Metta.
“With the signing of this budget, we are now in a position to continue delivering on our promise to improve the lives of our people and drive sustainable development in the state. The budget is designed to consolidate the development strides of our administration and fulfill the needs of our residents. We will be focusing on completing ongoing capital projects, expanding intervention programs, and intensifying social support for our citizens and their means of livelihood. The implementation of this budget will propel Lagos to higher levels of financial growth and social development, and I am confident that it will drive our state forward towards a brighter future.”
The Governor of Lagos State, Babajide Sanwo-Olu, signed the state’s N1.768 trillion “Budget of Continuity” into law, with the aim of consolidating the development strides of his administration and meeting the needs of residents. The budget focuses on completing ongoing capital projects, expanding intervention programs, and increasing social support for citizens and their livelihoods. Sanwo-Olu emphasized that the budget would help the state achieve higher levels of financial growth and social development through the T.H.E.M.E.S Agenda. The budget includes a capital expenditure of N1.019 trillion, representing 58% of the total budget, and a recurrent expenditure of N748 billion for personnel cost, overhead, and debt servicing. Sanwo-Olu expressed his gratitude to the leaders and members of the House of Assembly for their timely consideration and ratification of the budget and promised to improve the implementation of the Appropriation Law, assuring that the ongoing electioneering would not impede the governance process.
“I am pleased to sign into law the N1.768 trillion “Budget of Continuity” for the state of Lagos. This budget not only prioritizes completing ongoing capital projects but also expands intervention programs and increases support for citizens and their livelihoods. It is a reflection of the confidence our citizens have in our administration, and our commitment to providing better service delivery and good governance. However, in order to truly achieve our goals, it is important for residents to see themselves as partners in this process by committing to paying their taxes. Together, we can create even more opportunities in transportation, education, public health, and other areas of growth for the city of Lagos.”
The Commissioner for Economic Planning and Budget, Sam Egube, stated that the budget items were designed to reflect the needs and desires of the people living in the state’s five main regions. He added that the allocations were in line with the long-term goals of various sectors and in accordance with the Lagos State Development Plan. The Chairman of the House Appropriation Committee, Hon. Gbolahan Yishau expressed gratitude to the Governor for presenting a budget that can be put into action. He highlighted that the budget underwent a thorough review before its final approval.
Source: ThisDay Live