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Lagos To Fund 2023 Budget With N350b Loan

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Lagos To Fund 2023 Budget With N350b Loan

Babajide Sanwo-Olu, the governor of Lagos State, delivered the N1.693 trillion 2023 Appropriation Bill to the House of Assembly on Thursday.

The proposed 2023 expenditure would be funded by N1.343 trillion in internally generated revenue, N350 billion in federal transfers, and N1.343 trillion in loans and bonds that would be expected to fall within the state’s fiscal sustainability guidelines.

The state would set aside a total of N67.4 billion, or 3.98 percent of the 2023 budget, according to the governor, to implement the government’s social housing program and offer amenities for all communities.

The governor promised that the state would continue to make strategic investments in human capital and allocate funds to build more infrastructure in order to keep its economy growing past the coming year. Health and the environment, education, and the economy will be the state government’s top priorities in 2023.

In order to build on the successes of the previous years in the sector, Sanwo-Olu suggested allocating N153.5 billion to education for the upcoming fiscal year, or 9.07% of the estimated overall budget. He claimed that prior educational efforts had paid off, resulting in a record-breaking performance of 82% in the 2022 West African Senior School Certificate Examination.

This contrasted with 39% in 2019 before the administration took office.

Next year, the governor plans to invest N339 billion (20.06%) on infrastructure across a number of sectors, while also allocating N191 billion (11.29%) to health and the environment.

Sanwo-Olu claimed that the budgetary plan known as the “Budget of Continuity” gave his administration the chance to build on its development achievements thus far and appease people’ needs.

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