Sanwo-Olu signs budget of N1.76 trillion for 2023 into law

By Ibrahim Quadri

Lagos state governor, Babajide Sanwo-Olu, on Friday signed the 2023 appropriation bill of N1.76 trillion into law.

The signing took place at the State House, Alausa Ikeja.

Sanwo-Olu said the budget tagged budget of continuity is to complete all ongoing projects in different parts of the state.

It would be recalled that on October 27, 2022, Sanwo-Olu presented N1.692 trillion to the state assembly, which was passed on December 12, 2022, by the lawmakers. 

The assembly, however, raised the approved budget by N76 billion to N1.768 trillion. 

The governor, while presenting the budget to the state assembly, said the state government is expecting N1.342 billion in revenue to fund the budget. 

A breakdown of the approved budget size shows the sum of N748 billion was allocated as recurrent expenditure and N1 trillion as capital expenditure for the year ending December 31, 2023.

A closer look at the estimates passed by the assembly revealed that the recurrent expenditure was reduced by N9 billion while the capital expenditure was increased by N68 billion.

After signing the budget, Sanwo-Olu said the N1.09 trillion of the budget would be for capital expenditure, while N748 billion is for recurrent expenditure.

He thanked the leadership of the state assembly for their timely consideration of the budget and for making the process through a rigorous exercise.