Lagos State Governor, Babajide Sanwo-Olu, yesterday, presented an estimated N1. 692 trillion budget for the 2023 fiscal year to the state House of Assembly.
Tagged “Budget of Continuity,” the budget comprises a total revenue of N1.342 trillion and a deficit financing of N350 billion.
The budget equally had an estimated recurrent expenditure of N759 billion, representing 45 per cent of the budget sum, and an estimated capital expenditure of N932 billion representing 55 per cent of the entire budget.
The sectoral breakdown indicated that education received the largest chunk of the budget with social protection receiving the least amount.
The governor said the budget was prepared bearing in mind the fact that “year 2023 is a year in which we will aggressively focus on completing the on-going projects and expanding our social intervention programmes and support for citizens and for micro and small businesses.”
Breakdown showed that the general public services received N308 billion; public order and safety, N80 billion; economic affairs, N339 billion; environment, N65 billion; housing and community amenities, N67 billion; health, N125 billion; recreation, culture and religion, N24 billion; education, N153 billion; social protection, N18 billion and contingency reserve, including special expenditure, N71 billion
Sanwo-Olu promised that the state government would continue to do its best to stabilise and grow the state’s economy.
In a related development, Delta State Governor, Ifeanyi Okowa has proposed a budget of N561.8 billion for the 2023 fiscal year.
Christened ‘Budget of seamless and stable transition’ the budget is the highest since 2015 when Okowa mounted the saddle.
A breakdown showed that N235,208,340,101 of the budget, representing 42 per cent is for recurrent expenditure, while capital expenditure has N326,612,256,423 representing 58 per cent of the budget.
Presenting the budget proposal before the state House of Assembly for consideration and approval, Governor Okowa said it would be funded with Internally Generated Revenue (IGR), N95 billion; statutory allocation, N357,996,119,852; other capital receipts, N80,332,124,492.
Works department takes the lion share of N111.4 billion. “Critical projects such as the multi-billion naira Orere Bridge and Access Road in Ughelli South Local Government Area,Trans Warri–Ode Itsekiri Bridges and Access Road Phase 1, Kwale-Beneku Bridge, and Ayakoromor Bridge will continue to receive priority attention and shall be completed before the tenure of this administration expires in May 2023.
“We have painstakingly prepared an equitable, realistic, and implementable budget estimates in the context of multi-year (2021-2023) Medium Term Expenditure Framework (MTEF) that will be in line with the current economic realities. The dualisation of Ughelli-Asaba Road (Sectors A and C2) is also expected to be completed next year. Coming on stream in the 2023 fiscal year is Okpanam Bypass linking Okpanam to Benin-Asaba Expressway. The Koka Flyover and Interchange, another flagship project of this administration, will be ready for commissioning in January next year,” he said.
Similarly, Governor Ben Ayade also presented a budget estimate of N330 billion before the Cross River House of Assembly
He said the budget was designed to improve the welfare of the citizens and residents of the state, noting that its presentation was his last given his transition period.
He explained that the budget tagged “budget of quantum Infinitum” because it was carrying mass aspects of the state progressive and development plan would target the completion of projects, payment of salaries and gratuities, pension, grants, livelihood support, and capital projects among many others.
According to him, the budget also focuses on completing some of the projects executed in his administration in the last seven years.
Giving a breakdown of the budget, Ayade said that N130 billion was for recurrent expenditure, which represents 39 per cent of the budget estimate.
He said that the recurrent expenditure will handle the payment of salaries, gratuities and pensions and also cushion the effects of hardship and poverty in the state.
“For capital expenditure, we have budgeted a sum of N200billion which represent 61 per cent of the budget estimate. The capital expenditure will provide for the completion of all the projects that are yet to be completed in the state.
“I wish to call on the Federal Government to support this budget and help us to complete our projects. Since the loss of Bakassi, the state has continued to suffer economic hardship. This budget seeks to carry too many things given our commitment to sustaining the growth and development of the state,” he said.
Emphasising his commitment to the social welfare of Cross Riverians, Ayade maintained: “There’s a provision for grants, there’s a provision for conditional cash transfer, there’s a provision for social comfort just for the betterment of our people.
“ There’s a provision for health insurance for those who are zero income earners. All of those massive aggregate provisions is to show that we focus on the people.
“In this budget, we have also made provision for conditional cash transfer of #5,000 to #10,000 to the rural dwellers. They need it the most because indeed we care about the people”
The Cross River state governor further disclosed that the sum of N5billion was budgeted for security with a view of providing vehicles for security agencies and ensuring they operate with modern equipment