Lagos to borrow N253bn to finance 2022 budget

Babajide Sanwo-Olu

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The Lagos State Government will borrow ₦253,126,367,168.21. to finance the 2022 budget, Governor Babajide Sanwo-Olu said on Wednesday.

The governor had presented a budget proposal of N1.388 trillion to the House of Assembly for approval for the 2022 fiscal year.

He said the deficit budget would be financed through borrowing of N253 billion.

The governor said the deficit financing would be by way of a combination of external and domestic loans and bonds, which are well within the state’s fiscal sustainability parameters.

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According to the Debt Management Office, DMO, Lagos’ total debt as at June 2021 is put atN507.377 billion.