Governor Babajide Olusola Sanwo-Olu presents a total budget size of N2.246,234 Trillion, comprising a Total Revenue of N1.847,951 Trillion Naira and Deficit Financing of N398.283 Billion Naira
Total Revenue comprises Internally Generated Revenue and Total Federal Transfers as follows: Total IGR (N1.251,322 Trillion), and Total Federal Transfer (N596.629 Billion).
We equally propose a recurrent expenditure of N1.021 Trillion, comprising total overhead, total personnel cost and recurrent debt service broken down as follows:
TotalOverheadCost:N527.782Billion:thisismadeupof Overhead (N304.753 Billion), Subventions (N123.010 Billion)
Dedicated Funds amounting to N100.02Billion
Total Personnel Cost :N319.230Billion
Recurrent Debt Service :N174.94Billion
For Capital Expenditure, we propose a total figure of N1.224 Trillion, as follows:
Capital expenditure :N856.387Billion Repayments :N367.893Billion
Highlights of sectoral allocation in the budget:
Economic Affairs – 535 billion Naira Environment – 94 billion Naira Health – 156 billion Naira
Education – 199 billion Naira
Social Protection – 50 billion Naira
Public Order and Safety – 84 billion Naira
The budget size is made up of recurrent expenditure of N1.021,954trn (45%) and capital expenditure of N1.224,280 (55%).
The deficit financing shall consist of external and internal loan and bonds which are well within Lagos State’s fiscal sustainability parameters.
