Governor Bababjide Sanwo-Olu of Lagos State on Thursday, presented the Appropriation Bill for the Year 2023 of over N1.692 Trillion before members of the State House of Assembly for consideration and approval.
The presentation of the 2023 appropriation bill, tagged: “Budget of Continuous Development,” held at Lagos State House of Assembly, Alausa, Ikeja, was attended by a large crowd including dignitaries across the state.
The state governor said the budget would sustain its strategic investment in human capital and channel resources to deliver more infrastructure to keep its economy on the path of growth beyond next year.
Sanwo-Olu proposed N153.5 billion allocation to education next year, representing 9.07 per cent of the total budget estimates, in order to consolidate the gains of the past years in the sector. He said the previous investments in education had yielded, leading to the achievement of a record high performance of 82 per cent in the 2022 West African Senior School Certificate Examination (WASSCE).
The 2023 Appropriation Bill has a capital expenditure of N932.7 billion, representing 55 per cent of the 2023 budget. The recurrent expenditure, representing 45 per cent, is N759.96 billion, which includes personnel cost, overhead and debt services.
Sanwo-Olu said the fiscal bill tagged, “Budget of Continuity”, presented his administration the opportunity to consolidate on its development strides since inception and satisfy the yearnings of the residents.
He said the state would not only aggressively focus on completing ongoing projects next year, it would also expand intervention programmes and intensify social support to citizens and their means of livelihoods.
“The 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.”