At a brief ceremony held at the Governor’s Office in Alausa, Governor Babajide Sanwo-Olu has signed into law the 2023 budget for Lagos State.
The budget, tagged the ‘Budget of Continuity’, is worth N1.768 trillion.
It has a capital expenditure of N1.019 trillion and a recurrent expenditure of N748 billion.
The recurrent expenditure includes personnel cost, overhead and debt servicing.
Mr. Sanwo-Olu’s assent to the appropriation bill comes weeks to a crucial governorship election in the state.
His major challengers include Olajide ‘Jandor’ Adediran of the PDP, Gbadebo Rhodes-Vivour of the Labour Party and Olufunso Doherty of the African Democratic Congress.
Capital projects
Some of the capital projects earmarked for the year include the final construction phase of the 37-kilometre Lagos red rail line from Agbado to Ebute Metta and the Ojo General Hospital project.
There is also funding for the second phase of the blue rail line from Mile 2 to Okokomauko.
Other projects are the mental health facility in Ketu-Ereyun and other road and school projects in Badagry, Amuwo Odofin, Ikorodu and Eti-Osa.
What Sanwo-Olu said
“I’m delighted to assent to the 2023 Appropriation Bill transmitted to me after it was passed by the House of Assembly. The budget went through a rigorous review and passed through all the relevant statutory channels required before we now have a live document that can be implemented. This is a budget that speaks to the aspirations and the needs of Lagosians.
“The budget is audacious and its size is a reflection of the confidence our citizens repose in us. It is also a significant improvement in the discharge of the citizens’ civic responsibility in the areas of taxes and levies that are due to the government. I give assurance of our commitment to prudent implementation and improvement in service delivery that will bring about more dividends of good governance.”