Please share
Economic affairs sector received the highest share of N325,014,165,395 or 23.41 percent
from the N1.38trillion budget estimate Governor Babajide Sanwo-Olu presented to the House of Assembly.
The social protection sector the least with N6,109,828,1603 or 0.71 percent.
According to the budget estimate,the general public services got N235,400,815,610 (16.96 percent), Public order and safety, N61,710,691,428 (4.45 percent) and environment, N49,846,704,975 (3.59 percent) in the appropriation bill tagged Budget of Consolidation. Others are housing and community amenities, N77,980,156,022 (5.62 percent), health, N123,166,815,968 (8.87 percent), recreation, culture and religion, N16,768,767,649 (1.21 percent and education with N672,5145,711 (12.37 percent).
The governor noted that 2022 would be the final full year of budget implementation before the next general election.
He also said it was an excellent opportunity for him to consolidate on what his administration had done so far and ensure that every effort, investment, partnership or policy translate maximally into noticeable positive impact in the lives of the people.
He noted that the challenging environment required that government focused its interventions in areas of greatest social impact to achieve the greatest good for the greatest number in the shortest possible time.
He added that the budget comprises total revenue of N1.135 trillion and a deficit financing of N203.126 billion.
“The budget size is further analysed as a recurrent expenditure of 41 percent at N564.9 billion and a capital expenditure of 59.6 percent at N823.35billion.
“The deficit financing will be by way of combination of external and domestic loans and bonds which will be within our physical sustainability parameters.”
He described the 2022 budget as the government’s next step in its journey to a true and sustainable greatness.
“We have clearly articulated our vision in tackling governance in the state through the T.H.E.M.E.S agenda and have commenced the state’s 30-year development plan, 2021-2051, which will update and replace our previous plan for 2012 -2025.”
He also vowed to deliver on the hopes and aspirations of the people, saying he would never let the people down.
Please share