Sanwo-Olu presents N1.39trn ‘budget of consolidation’ to Lagos assembly

Babajide Sanwo-Olu, governor of Lagos, has presented the 2022 budget to the state house of assembly.

The N1.39 trillion ‘budget of consolidation’ was presented to the house of assembly on Wednesday.

According to the breakdown given by the governor, capital expenditure will take N823.4 billion — representing 59 percent of the total budget — while recurrent expenditure will gulp N565 billion.

In the proposed expenditure, N253 billion will be sourced as loan to finance the budget, while N1.135 trillion is expected from the state’s internally generated revenue (IGR).

Speaking during the budget presentation, Sanwo-Olu said the year 2022 presents an opportunity for his administration to consolidate on the progress achieved.

According to a statement by Gboyega Akosile, his chief press secretary, the governor also appreciated residents of the state for supporting his administration.

“Year 2022 budget is the next step on our journey to true and sustainable greatness in Lagos. The challenging environment requires that we focus our interventions on areas of greatest social impact and achieving the greatest good for the greatest number in the shortest possible time,” he said.

“Next year is an excellent opportunity for us to consolidate on what we have done so far, and ensure that every effort, investment inflow, partnership, business policy translate maximally into noticeable positive impact in the lives of our people.

“There has been significant progress on the Lagos Rail Mass Transit projects, which include both the 27-kilometre Blue line, which will run from Okokomaiko to Marina, and the 32-kilometre Red line that will run from Agbado to Oyigbo and eventually to Marina.

“These rails, when completed, will deliver a combined 32.5 million people every month on their respective routes, reducing travel time by over 250 per cent, increasing the productivity and quality of life of our people.”

On his part, Mudashiru Obasa, speaker of the Lagos assembly, commended the governor for the “outstanding performance” of the 2021 budget in the areas of infrastructure and wealth creation.

Obasa also asked the executive to look into other measures to improve the state’s IGR.