Sanwo-olu Signs A N1.76 Trillion Budget For 2023

At the State House in Ikeja on Friday, Lagos State Governor Mr. Babajide Sanwo-Olu signed the 1.76 trillion dollar budget bill into law.

According to Sanwo-Olu, the goal of the budget designated as the budget of continuity is to finish all active projects in various regions of the state.

Recall that on October 27, 2022, Sanwo-Olu submitted a N1.692 trillion proposal to the state parliament, which the legislators approved on December 12, 2022. However, the assembly increased the authorized budget by N76 billion to N1.768 trillion.

The governor said that the state expects to get N1.342 billion in revenue to cover the budget when he presented it to the state parliament.

According to a breakdown of the approved budget size, N1 trillion in capital expenditures and N748 billion in recurring expenses were both authorized for the fiscal year that ends on December 31, 2023.

When the figures were examined more closely, it became clear that the capital spending had grown by N68 billion while the recurring expenditure had decreased by N9 billion.

After approving the budget, Sanwo-Olu commended the state assembly’s leadership for giving it prompt attention and ensuring that the procedure was rigorous. He said that N1.09 trillion of the budget will be used for capital spending and N748 billion for recurrent expenditure.