2023 budget: Lagos to borrow N350bn

The Lagos State Governor, Babajide Sanwo-Olu, presented the N1.693 trillion 2023 Appropriation Bill to the House of Assembly on Thursday. Informaion Guide Nigeria

Internally Generated Revenues and federal payments would account for N1.343 trillion of the estimated 2023 spending, while deficit financing of N350 billion would come from foreign and local loans, as well as bonds projected to be within the state’s fiscal sustainability standards.

According to the governor, the state would set aside N67.4 billion, or 3.98 percent of the 2023 budget, to implement the government’s social housing programme and provide facilities throughout the state.

The governor stated that the state would maintain its strategic investment in human capital and channel money to build more infrastructure in order to keep its economy growing beyond next year. In 2023, the state government’s top priorities will be health and the environment, education, and the economy.

Sanwo-Olu suggested allocating N153.5 billion to education next year, or 9.07 percent of total budget estimates, in order to consolidate the sector’s gains during the previous years. He stated that prior investments in education had resulted in a record-high performance of 82% in the 2022 West African Senior School Certificate Examination.

This compares to 39% in 2019, when the administration took office.

The governor has set aside N339 billion in capital (20.06 percent) for infrastructure in several sectors next year, while allocating N191 billion, or 11.29 percent, to health and the environment.

According to Sanwo-Olu, the fiscal proposal dubbed “Budget of Continuity” provided his administration with the opportunity to consolidate on its development advances since inception while also satisfying people’ desires.

He stated that the government would not only “aggressively” focus on completing ongoing projects next year, but would also extend intervention programmes and enhance social support to citizens and their means of subsistence.

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The capital expenditure in the 2023 Appropriation Bill is N932.7 billion, which accounts for 55% of the budget for 2023. The recurrent expense, which accounts for 45 percent of total expenditure, is N759.96 billion, which includes staff costs, overhead, and debt servicing.

Sanwo-Olu stated that the budget for the coming fiscal year would demonstrate his government’s determination to scale up good governance and quality service to the people through the T.H.E.M.E.S Agenda, emphasising that the budget would propel the state to a higher level of fiscal growth and social development.

He said: “The Year 2023 Appropriation Bill, which will be the final budget of our administration before the 2023 general elections, expresses our unwavering determination to keep serving the people of Lagos through our development agenda, while we uphold the trust and faith reposed in us by the people since 2019. As we return to the campaign trail to seek the mandate of Lagosians for another four years, we have resolved to continue our audacious interventions in every sector of the economy. Jamb Result

“This Budget of Continuity will propel Lagos to the next fiscal level and economic growth. Another significant moment beckons in the life of our administration; it is the culmination of a tenure dedicated to achieving a Greater Lagos, and the start of a new one dedicated to unlocking a higher level of growth and prosperity for our people. Next year, we will aggressively focus on completing ongoing projects, while also expanding our social intervention programs and support for citizens, and for micro and small businesses. The budget will offer us an opportunity to consolidate on all we have been doing towards satisfying the yearnings and aspirations of the people.”

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