Lagos State Governor, Babajide
Sanwo-Olu on Friday presented a budget of N1.168 trillion to the Lagos State
House of Assembly for approval for the 2020 fiscal year.
The proposed budget is to be
funded by a projected Total Revenue of N1.071 trillion and a deficit amounting
to N97.53 billion.
The budget size is higher than
the 2019 budget by 34%. Capital Expenditure amounts to N723.75 billion while
the Recurrent Expenditure is N444.81 billion, giving a 62:38 capital to
recurrent ratio.
According to Sanwo-Olu, “This, in
our view, is strong for development. We have placed an increased focus on
wealth creation where we will take deliberate steps in courting a partnership
between our people and various development institutions.
“In line with this, we have provided
N11.8bn as counterpart funds in preparation for various social impact schemes.
In addition, we have made provisions for N7.1bn this year, to provide for
industrial hubs, parks, graduate internship programs and virtual markets for
artisans. This is in support for Micro, Small and Medium enterprises which are
the engines for both economic and employment growth.
Details later…
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