24th November, 2021
Lagos State Governor, Babajide Sanwo-Olu on Wednesday presented a budget proposal of N1.388 trillion to the State House of Assembly for approval for the 2022 fiscal year.
The governor laid down the budget before the lawmakers at the Assembly after addressing them.
The budget proposal is N138 billion higher than the 2021 budget, which stood at N1.25 billion.
The budget tagged: “The Year 2022 Budget of Consolidation”, has size of ₦1,388,285,459,990.51, comprising total revenue of ₦1,135,159,092,822.30 and deficit financing of ₦253,126,367,168.21.
According to Sanwo-Olu, the budget has a recurrent expenditure of ₦564,934,331,886.41 (41%) and capital expenditure of ₦823,351,128,104.10 (59%).
“The deficit financing will be by way of a combination of external and domestic loans and bonds, which are well within our fiscal sustainability parameters,” he said.
In the budget, the total revenue of ₦1,135,159,092,822.30 comprises ₦898,891,092,822.30 as Internally Generated Revenue and Federal Transfer of ₦236,268,000,000.00.
“The Year 2022 budget projects a continuing but very gradual recovery to growth in economic activity as the global economy cautiously recovers from the impact of the Coronavirus pandemic. We have therefore approached our revenue expectations with cautious optimism.
“It should be noted that there has been a corresponding review of the accruals from the Statutory Allocations and VAT in line with the downward review of the Federal Budget’s Benchmark Oil Price to $57 per barrel,” he said.