Lagos budgets N1.38tr for 2022 as education takes N171.6b

Lagos State Governor, Babajide Sanwo-Olu, yesterday, presented a 2022 budget estimate of N1.38 trillion, with education taking the lion share of N171.6 billion, a 12.3 per cent of the total.

In the appropriation bill tagged, “Budget of Consolidation,” the health sector got N123.2 billion at 8.87 per cent; general public services received N235.4 billion, representing 16.96 per cent, while Economic Affairs’ N325.014 billion represented 23.41 per cent of the proposed appropriation.

The bill proposes a recurrent expenditure of N564.9 billion, as capital expenditure is pegged at N823.35 billion, representing a capital to recurrent ratio of 50:41.

According to the governor, the 2021 budget performed remarkably well, noting that in the first quarter of the outgoing year, internally generated revenue (IGR) stood at N128.2 billion, some 28 per cent higher than what was achieved the corresponding quarter of 2020 that posted N100.3 billion.

The governor hinted that 2022 is a year in which the government would focus on completing ongoing projects, while also expanding social intervention programmes and support citizens in micro and small businesses.

Sanwo-Olu, who acknowledged the numerous challenges facing the state, expressed hope that the proposed budget would consolidate the current administration’s efforts at ensuring a better life for all residents of the state.

Besides, he acknowledged that this year’s budget had performed remarkably at current 80 per cent and expressed optimism of a 90 per cent or more performance before the end of the year.

He commended members of the legislature for supporting his cabinet to achieve many feats in the last two and half years, which earned the state global recognition, especially in the management of the COVID-19 pandemic.

The Speaker, Mudashiru Obasa, noted that the budget would be the last full year budget to be implemented by the current administration and pledged that the House would meticulously perform its constitutional duty.

He urged Sanwo-Olu to work more on policies to bring more dividends of democracy to the people of the state.

Obasa, who passed a vote of confidence on the governor for the achievements of the current administration, said the dividends still needed to get to the grassroots.

The Speaker also urged President Muhammadu Buhari to rejig the economy to reduce unemployment, insecurity and poverty.

Leave A Reply

Your email address will not be published.