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State Governor, Babajide Sanwo-Olu on Thursday discovered that the kingdom will borrow N350 billion to fund the 2023 price range.
The governor had presented a price range of N1.sixty nine trillion to the State House of Assembly for acclaim for the 2023 financial year.
The price range is deficit and to be financed with the aid of using borrowing, that’s pegged at N350 billion.
Currently, Lagos’ home debt as at June 2022, in step with the Debt Management Office (DMO) stands at N797,305,312,602.53, whilst the overseas debt stands at 1.27 billion US Dollars (N555.828bn).
This pegged the kingdom’s overall debt profile withinside the place of N1.35 trillion.
However, in providing the 2023 finances tagged: ‘Budget of Continuity,’ the governor stated it comprised a Total Revenue of N1,342,670,649,640 and Deficit Financing of N350,000,000,000.
The price range contains overall Internally Generated Revenue (IGR) of N1,108,435,649,640 and Total Federal Transfer of N234,235,000,000.
Sanwo-Olu brought that the price range has a recurrent expenditure of N759,958,569,792, comprising Total Overhead Cost of N403,653,328,479; Total Personnel Cost, N247,295,312,088 and Recurrent Debt Service, N109,009,929,224.
The N403,653,328,479 Total Overhead Cost is damaged down into Overhead, N221,957,283,661; Subvention, N93,501,258,220 and Dedicated, N88,194,786,596.
The 2023 price range has a Capital Expenditure of N932,712,190,102, comprising capital expenditure, N670,134,079,one hundred fifty and Repayment, N262,578,110,952.
“The price range length is made of recurrent expenditure of N759,958,569,792 (45%) and capital
expenditure of N932,712,190,102 (55%).The deficit financing shall include outside and inner loans and bonds that are nicely inside our financial sustainability parameters,” Sanwo-Olu stated.
In the sectoral breakdown, Economic Affairs has the very best price range of N339,482,825,430 which represents 20.06 percentage of the price range, at the same time as General Public Service got here 2d with N308,363,331,313, representing 18.22 percentage of the price range. Education got here 0.33 with N153,445,318,140 (9.07%) whilst Health got here subsequent with N67,358,643,068.