Lagos State Government has assured that it would leave no stone unturned to ensure the full implementation of the 2022 budget.
Commissioner for Economic Planning and Budget, Sam Egube, accompanied by some members of the state executive council gave the assurance at a press briefing on the detailed analysis of this year budget, held at the Bagauda Kaltho Press Centre Ikeja.
Speaking on the 2022 budget estimates, Egube said the budget, christened “Budget of Consolidation” was a landmark in the history of the state both in its size and texture, adding that the approved budget was of 1.58 trillion naira made up of 1.167 trillion naira capital expenditure and 591. 281 billion naira recurrent expenditure
He said the budget analysis was a demonstration of the present administration’s commitment to complete all ongoing projects, massive infrastructure renewal and development towards rebuilding and actualizing a Greater Lagos.
The commissioner said the budget will focused on construction and completion of projects in the aspects of roads, traffic management, infrastructure, health, science, technology, sports, building of stadia across the five divisions and environment.
Egube also stated that the objectives of the budget were tourism, Agriculture, food security, wealth creation, employment, human development, social intervention, Energy and Education Sector which included rehabilitation of Schools, Eko excel, among others.
He appealed to all the citizens of Lagos to participate in governance and fulfill their civic responsibilities by paying their taxes as and when due in order to ensure optimal performance of the budget.
Speaking earlier on evaluation last year’s budget, the commissioner said: “2021 budget of ₦1.257 trillion had a total revenue of ₦984.573billion and deficit financing of ₦271.994 billion; the Capital to Recurrent Ratio stood at 59:41 i.e., Capital Expenditure of ₦743.224 billion and a recurrent expenditure of ₦513.343 billion . As at November 30th, 2021, the budget posted a performance of 73%. Our revenue performance was 75%, while capital and recurrent expenditure performed at 65% & 83% respectively.
“The 65% performance of Capex is the result of our closure of the 100 billion bond transaction, which was over subscribed in December 2021. As a result, we believe that Capex performance will close at about 85% by December 2021. This therefore is expected to enable the state achieve a strong budget performance of about 89% by year end 2021 despite the daunting challenges in the year”.
In his remarks, the Lagos State Commissioner for Information and Strategy, Gbenga Omotoso, thanked the media for their supports urging them to be objective by giving an accurate reports of the 2022 budget analysis.
