Lagos Commissioners for Information and Strategy, Mr. Gbenga Omotoso; Economic Planning and Budget, Mr. Sam Egube; Finance, Dr. Rabiu Olowo and Health, Prof. Akin Abayomi, during a press briefing on detailed analysis of Year 2020 Budget at Bagauda Khalto Press Centre, The Secretariat, Alausa, Ikeja
In fulfilment of its promise of transparency and accountability, the Lagos State Government has held a news briefing to analyse this year’s budget.
The State is targeting a monthly internally generated revenue of about N73 Billion to fund the budget which stands at one-point-one six-nine trillion naira
The Commissioner for Economic planning and Budget, Mr. Sam Egube led his counterparts in the Ministry of Finance, Health, Transportation, Education, Information and Strategy as well other key personnel in the budgeting process in breaking down the State’s spending policy for the year 2020.
Governor Babajide Sanwo-Olu had signed the approved 1.169 trillion naira appropriation bill into law on New Year’s eve.
Mr Egube said the budget which has a 61:39 Capital to Recurrent expenditure ratio is strongly in favour of capital expenditure.
According to the Commissioner, total Revenue is estimated at ₦1.071trn, while the deficit is N97.53bn, which will be financed by a combination of external and internal loans well within the State’s fiscal sustainability benchmarks.
In the sectoral analysis, Education, Health, the environment as well as transportation and road infrastructure and provision of potable water were given priorities while disability affairs, women and youth development and elderly care also received notable allocations to ensure inclusiveness.
In pursuance of making Lagos work round the clock in line with a 21st century economy, notable budgetary allocations were also made for security and lighting up the State.
Mr Egube who reiterated government’s Commitment to make life better for residents appealed to them to reciprocate the gesture by playing their part.
On servicing the State’s domestic and external debt which currently stands at 39.692 billion naira, the Commissioner for Finance, Mr Rabiu Olowo said it was being judiciously managed in line with local and international benchmarks and was a hundred percent channelled to capital projects.
While fielding questions from newsmen, the Commissioner for Information and Strategy, Mr. Gbenga Omotosho gave an assurance that the current administration would complete all inherited projects and initiate more people oriented ones.