Lagos State Governor, Mr Babajide Sanwo-Olu, on Friday signed the 2023 appropriation bill of N1.76 trn to law at the State House, Ikeja.
According to Sanwo-Olu, the budget is tagged budget of continuity and it will be used to complete all ongoing projects in different parts of the state.
Last year on October 27, 2022, Sanwo-Olu presented a N1.692 trn to the state assembly, which was passed on December 12, 2022, by the lawmakers. The assembly, however, raised the approved budget by N76b to N1.768trn.
During the presentation of the budget to the state assembly, Sanwo-Olu said the state government is expecting a N1.342b revenue to fund the budget.
A breakdown of the approved budget size shows the sum of N748 billion was allocated as recurrent expenditure and N1 trillion as capital expenditure for the year ending 31st December 2023.
A closer look at the estimates passed by the assembly revealed that the recurrent expenditure was reduced by N9b while the capital expenditure was increased by N68bn.
After signing the budget, Sanwo-Olu said N1.09 tn of the budget would be for capital expenditure, N748bn is for recurrent expenditure, thanked the leadership of the state assembly for the timely consideration of the budget and making the process through a rigorous exercise.
