Nigerian News

Sanwo-Olu Prioritises Human Capital, Economy In N1.69tr Budget 2023

The Evangelist
October 28, 2022
By Oyebola OWOLABI

SUSTENANCE of strategic investments in human capital and keeping the economy on the path of growth are among priorities in the N1.69 trillion 2023 Appropriation Bill laid by Governor Babajide Sanwo-Olu before the Lagos State House of Assembly yesterday.

The governor also listed health, environment, education and economy, as major concerns to his administration in the coming year.

The estimate, christened: “Budget of Continuity” comprises revenue of N1.34 billion and deficit financing of N350 billion.

The government plans to raise N1.108 billion from Internally Generated Revenue (IGR) and N234 billion from federal transfers.

Reeling out what the priorities, Sanwo-Olu proposed N153.5 billion allocation (representing 9.07 per cent) of the total budget estimates to education as part of ways to consolidate the gains of the previous years in the sector.

According to him, the previous investments in education had yielded results, leading to the achievement of a record-high performance of 82 per cent in the 2022 West African Senior School Certificate Examination (WASSCE).

The feat was against the 39 per cent record inherited by his administration in 2019.

He said the government plans to vote N339 billion capital (20.06 per cent) to provide infrastructure in various sectors next year. The governor said that N191 billion (11.29 per cent), will be dedicated to health and environment.

According to Sanwo-Olu, the “Budget of Continuity”, will afford his administration the opportunity to consolidate on its development strides since inception and satisfy the yearnings of the residents.

He said the state will not only “aggressively” focus on completing ongoing projects next year, but also expand intervention programmes and intensify social supports to citizens and their means of livelihoods.

The 2023 Appropriation Bill has a capital expenditure of N932.7 billion (55 per cent), N759.96 billion (45 per cent) as recurrent expenditure, covering personnel cost, overhead and debt services.

Sanwo-Olu said the next year’s spending would further 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, stressing that the budget would propel the State to 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.

“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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