Lagos State Governor, Mr. Babajide Sanwo-Olu has presented before the members of the State House of Assembly the total sum of N1,692,670,759,894 as the Lagos State 2023 Budget, tagged: “The Budget of Continuity”.
The Governor said the Budget, which is 45% recurrent and 55% capital, was designed to reflect the link with previous budgets as well as his administration’s continued focus on building on the strong foundation laid in the last three and half years, that is from May 29, 2019, till date. ,
He said: “Despite the many challenges we have faced, we have been able to remain focused and resolute. The Year 2023 is a year in which we will aggressively focus on completing ongoing projects, while also expanding our social intervention support programmes for citizens, and for micro and small businesses”.
Sanwo-Olu averred that the 2022 Budget performed at 74% at the end of the third quarter and hope to achieve more on the performances before the end of the year, stressing that the performance, while below expectations, retains very strong prospects of closing the year at above 80% despite the global challenges.
This, according to him, would be supported by the State Government’s soon-to-be issued bond of N134.815 Billion, saying “We believe we will continue to use our various performance enhancing strategies to motivate our people to close the year on a higher note”.
Lamenting the ongoing war between Ukraine and Russia as well as the fallout from the COVID-19 pandemic, the Governor pointed out that the 2022 Budget has been implemented under a tight and challenging economic scenario, noting, however, that his administration will continue to do all it can to stabilise and further grow the state’s economy.
In his words: “Our administration is coming up with Lagos State Wealth Fund Bill which will include a stabilisation fund to support our ability to absorb shocks. It will also include an infrastructural fund, as well as a technology and innovation fund that will support our quest to lead Africa to leverage innovation and leapfrog into the future”.
Sanwo-Olu also seized the opportunity to restate the call for the special recognition of the State in terms of economic and financial commitment by the Federal Government, saying “In keeping with our unique history, legacy and demography, Lagos continues to experience increased pressure on social services due to unhindered migration to our State”.
“It is for this reason that I have always sought and still continue to reiterate the need for Lagos to be accorded a special status as a National Asset. As a microcosm of the entire country, Lagos State deserves all the support it can get at the national level”, he added.
Mr. Governor also reiterated the need for continuous partnership by the Private Sector in developing the State while applauding them for their support.
“The development of any megacity like ours is the responsibility of both the public and private sectors, and to this end, we will continue to explore public-private partnership strategies in the provision of infrastructure, social services and the conversion of challenges to opportunities within the context of scarce resources”, he stated.