Lagos State Governor, Babajide Sanwo-Olu on Friday presented a budget of N1.168 trillion to the Lagos State House of Assembly for approval for the 2020 fiscal year.
The proposal represent 11.3 per cent of the proposed 2020 budget of the entire country which is put at 10.22 trillion.
The proposed budget is to be funded by a projected Total Revenue of N1.071 trillion and a deficit amounting to N97.53 billion.
The budget size is higher than the 2019 budget by 34%. Capital Expenditure amounts to N723.75 billion while the Recurrent Expenditure is N444.81 billion, giving a 62:38 capital to recurrent ratio.
According to the figures, the proposed Lagos Budget can fund the Federal Government’s proposal for nine core ministries including Works, Education Health and also the FCT.
The 1.168 trillion can cater for the Nation’s Ministry of Works with N262bn proposal, Transport ministry with N123 billion, Universal Basic Education N112 billion with Education Ministry at N48 billion.
The Budget can also fund Nigeria’s ministry of Defense with proposal put at N100 billion, Agriculture at N82 billion, Water at 82 billion, Niger Delta at 81 billion, Health at 46 billion and the Federal Capital Territory (FCT) at N28 billion.
According to Sanwo-Olu, “This, in our view, is strong for development. We have placed an increased focus on wealth creation where we will take deliberate steps in courting a partnership between our people and various development institutions.
“In line with this, we have provided N11.8bn as counterpart funds in preparation for various social impact schemes.
“In addition, we have made provisions for N7.1bn this year, to provide for industrial hubs, parks, graduate internship programs and virtual markets for artisans.
“This is in support for Micro, Small and Medium enterprises which are the engines for both economic and employment growth.”
