Home Lagos House of Assembly this Week UPDATED: Sanwo-Olu Presents N1.388Trn 2022 Budget Estimate

UPDATED: Sanwo-Olu Presents N1.388Trn 2022 Budget Estimate

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…..Obasa urges Buhari to rejig Nigeria’s economy

Governor Babajide Sanwo-Olu, on Wednesday presented N1.3 trillion budget estimate for the fiscal year 2022 before the members of the Lagos State House of Assembly.

Sanwo-Olu  who christened the budget estimate as ‘Budget Of Consolidation’ said the completion of various ongoing projects across the state would be the focus of implementation.

Breaking down the budget estimate, the governor said the revenue estimate is N1.1 trillion, while deficit financing is N253.1 billion.

The governor stated that the proposed Internally Generated Revenue (IGR) for 2022 is N898.8 billion, adding that the Federal Transfer would be N236.2 billion.

The recurrent expenditure is N564 billion while capital expenditure is N823.3 billion.

Sanwo-Olu said that the 2022 budget projects a continuing but very gradual recovery to growth in economic activity as the global economy cautiously recovers from the impact of the coronavirus pandemic.

“We have therefore approached our revenue expectations with cautious optimism. It should be noted that there has been a corresponding review of the accruals from the Statutory Allocations and VAT in line with the downward review of the Federal Budget’s Benchmark Oil Price to $57 per barrel.

“The Year 2022 budget projects a continuing but very gradual recovery to growth in economic activity as the global economy cautiously recovers from the impact of the Coronavirus pandemic. We have therefore approached our revenue expectations with cautious optimism.

“Lagos State will continue to be at the forefront of the push for a fiscal framework that is truly reflective of the contributions and status of the constituent parts of our Federal Republic, and that empowers the units that are closest to the people to deliver the dividends of democracy more effectively.

“We as a nation must realize that every investment in Lagos has implications for national development, whether it is the ten lane airport road leading from the International airport or the Lekki deep sea port, together with the six lane Lekki Epe expressway, or the Red and Blue rail line moving 32 million commuters from Okoko and Agbado to Marina – these all serve to improve the commercial capacity of Nigeria and prepare her as a trading hub ready for the African Continental free trade area agreement,” he said.

Meanwhile, in his speech, the Speaker of the House, Rt (Hon) Mudashiru Obasa, urged the governor to work more on policies to bring more dividends of democracy to the people of the state.

Obasa who passed a vote of confidence on Sanwo-Olu for the achievements of the current administration, said the dividends still need to get to the grassroots.

The Speaker also called on the administration of President Muhammadu Buhari to rejig the economy of Nigeria to reduce unemployment, insecurity and poverty.

He praised the House of Assembly for its pro-people orientation and for constantly supporting the governor to meet the yearnings of the people.

Obasa said the support the governor enjoys from the Assembly had reflected in the successes so far achieved by the government

While commending the seven-man judicial panel of inquiry into cases of brutality and human rights violations committed by operatives of the disbanded Special Anti-Robbery Squad (SARS) in the state, for completing its task, the Speaker urged Lagosians to remain patient and not stoke controversies while a white paper on the report is being expected.

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