Jan. 8, 2022
…Targets N1.2trn revenue to finance N521.2bn deficit
Lagos State Government has earmarked 10 per cent of its year 2022 Budget to the education sector to adequately groom the youths towards making the desired impact and contributing to the progress and future development of the State.
In a statement on Friday, the State Commissioner for Economic Planning and Budget, Mr. Samuel Egube, disclosed this during the State Budget appropriation analysis held in Alausa, explaining that the sum of ₦173.526 billion, being 10 per cent of the ₦1.758 trillion of the State’s Y2022 Budget of Consolidation, is allocated to education with ₦112.670 billion as recurrent expenditure while the capital expenditure for the sector stands at ₦60.855 billion.
According to him, the budget will take care of Primary and Secondary Schools, Technical Colleges, Lagos State University as well as the upgraded Colleges of Education and the State Polytechnic to Universities.
He averred that the State Health sector will also receive a boost this year as the sector has been apportioned seven per cent of the budget with the sum of ₦127.348 billion comprising a recurrent expenditure of ₦38.877 billion and capital expenditure of ₦88.471 billion.
Speaking on the Y2021 performance of the State Budget, he recapped that the revised budget of ₦1.257trn had total revenue of ₦984.573bn and deficit financing of ₦271.994bn with the Capital to Recurrent Ratio being 59:41 (i.e Capital Expenditure of ₦743.224bn and a Recurrent Expenditure of ₦513.343bn).
He revealed that by November 30, 2021, the budget posted a performance of 73% with revenue being 75%, while the capital and recurrent expenditure stood at 65% and 83% respectively.
He stated further that the Consolidation Budget, which is the second full budget of the present administration, will see to the completion of most ongoing projects across the State, noting that the State government will also ensure the reconstruction and completion of some road intersections to ease vehicular movement and improve the economy.
Egube said some of the projects to be focused on for completion include the construction of Eleko-Epe T-junction Road, Agric-Isawo-Arepo Road in Ikorodu, Bola Ahmed Tinubu-Igbe road, Ikorodu, Ogolonto-Ebute Ipakodo (Oba Sekumade) Road in Ikorodu and the flyover at Ikeja, stressing that many more roads in Badagry and Lagos Divisions, as well as other new road projects, will be embarked upon to open up more areas in the State.
He averred that the continuous road maintenance by the Public Works Bureau will be improved to ease vehicular movement, adding that more drainages will be worked on to avoid flooding in the State, assuring that the Governor Babajide Sanwo-Olu led administration will leave no stone unturned in ensuring the full implementation of the Y2022 budget.
The Commissioner, however, appealed to all residents to fulfil their civic responsibilities by paying their taxes as and when due in order to ensure optimal performance of the budget.
