Lagos State Governor, Babajide Sanwo-Olu has proposed a N1.39 trillion Budget of Consolidation to the lawmakers as 2022 Appropriation Bill.
He presented the proposed bill yesterday after a review of last year’s Budget of Rekindled Hope before the Lagos State House of Assembly.
The governor declared a huge capital vote to service critical sectors to consolidate the recovery of the state’s economy.
In the proposed 1,388,285,459,990.51 Bill, Sanwo-Olu said his government would be spending N325 billion on infrastructure projects in key sectors to stimulate the economy.
The governor listed Works and Infrastructure, Waterfront Infrastructure Development, Agriculture, Transportation, Energy and Mineral Resources, Tourism, Entertainment and Creative Industry, Commerce and Industry, Wealth Creation and Employment as the critical sectors.
About N823.4 billion (representing 59 per cent of the 2022 budget) is earmarked for capital expenditure and recurrent expenditure of N565 billion (representing 41 per cent) would go into personnel cost, overhead and debt services.
Presenting the 2022 estimates, Sanwo-Olu said: “This 2022 Budget is the next step on our journey to true and sustainable greatness in Lagos State. 2022 is a year in which we will focus obsessively on completing ongoing projects, while also expanding our social intervention programs and support for citizens, and for micro and small businesses.
