Governor Babajide Sanwo-Olu of Lagos State on Wednesday presented a budget of N1.388 trillion for 2022 to the State House of Assembly for approval.

Presenting the budget, christened “Budget of Consolidation”, Sanwo-Olu said that it was targeted at completing ongoing projects in the state.

“The Year 2022 is a year in which we will focus obsessively on completing ongoing projects, while also expanding our social intervention programmes and support for citizens, and for micro and small businesses.

“The budget is aimed at consolidating all our efforts so far, into timely delivery of our electoral promises of a greater Lagos to all citizens and residents of the state. Our destination is now in sight,” Sanwo-Olu said.

He said that the budget has a size of N1.388 trillion, comprising a total revenue of N1.135 trillion and deficit financing of N253.126 billion.

“We propose a total revenue of N1,135,159,092,822.30 for 2022. This comprises of total Internally Generated Revenues (IGR) and total federal transfers.

“The total IGR will be N898.891 billion, while the total Federal Transfer expected will be N236.268 billion.

“The budget projects a continuing but very gradual recovery to growth in economic activity as the global economy cautiously recovers from the impact of the Coronavirus pandemic.

“We have therefore, approached our revenue expectations with cautious optimism,” Sanwo-Olu said.

He said that the budget was made up of N564.934 billion recurrent expenditure, representing 41 per cent and N823.351 billion capital expenditure, representing 59 per cent.

“We propose a recurrent expenditure of N564.934 billion, composing of total overhead, total personnel cost, and recurrent debt service.

“The total overhead cost is N303.272 billion, comprising of overhead cost – N158.735 billion, subventions – N89.642 billion and dedicated cost of N54.896 billion.

“The total personnel cost is N189.399 billion, while the recurrent debt service is N72.262 billion,” the governor said.

The capital expenditure of N823.351 billion included the General Public Services – N171.550 billion, public order and safety – N27.495 billion, economic affairs – N52.552 billion and environment – N27.333 billion.

It also includes Housing and Community Amenities for N11.058 billion, Health – N87.875 billion, Recreation, Culture and Religion – N4.320 billion, Education – N112.650 billion and Social Protection for N6.109 billion.

Other Capital Expenditure include Contigency Reserve (Including Special Expenditure-Statewide and Special Expenditure-Others) – N10.840 billion, Loans (Repayments, CDSA & Debt Servicing) – N170.997 billion; Personnel Cost (Servicewide and Pension) – N53.147 billion and Grants & Counterpart Fund – N55.852 billion.”

According to him, the deficit financing will be by way of a combination of external and domestic loans and bonds, which were well within the fiscal sustainability parameters.

Responding, the Speaker of the House, Mr. Mudashiru Obasa noted that the budget would be the last full year budget to be implemented by the current administration.

Obasa said that the House would meticulously perform its constitutional duty concerning the budget.