Lagos 2020 Appropriation Higher Than Combined 2019 Budget Of 4 Oil Producing States

The Lagos State Governor, Babajide Sanwo-Olu on Friday presented the 2020 budget of N1.168 trillion to the Assembly for approval to the Lagos state House of Assembly.

The governor’s Chief Press Secretary, Gboyega Akosile, while disclosing this via his official Twitter handle gave a break down saying that “Governor @jidesanwoolu presents Year 2020 budget to Lagos State House of Assembly. Proposes a budget of N1.168 trillion. Projected Revenue: N1.071 trillion, Budget deficit at N97.53 billion, Budget size 34% higher than Year 2019 budget.”

The budget amount exceeds the 2019 budgets of four oil producing states- Delta, Bayelsa, Edo and Abia- by N157bn.

The 2019 budgets of the oil producing states are: Abia -N139 bn; Bayelsa- N299 bn; Delta -N390 bn and Edo -N183 bn, totaling N1.011 trn which is 157 bn less that Lagos’ N1.168 trn.

Lagos state grossed N382.18 bn as Internally Generated Revenue (IGR) in 2018 which is 43.7% of the 2018 budget. The total budget for that year was N874 bn.

From the October release of the National Bureau of Statistics, Lagos has already generated N205.2 bn for Q1 and Q2 2019.

The proposed budget of 2020 which is N290 bn higher than the 2019 budget is predicated on a projected strong growth in IGR for the coming year.

Further analysis of the Lagos state budget puts its projected revenue at 92% of the budget while its deficit is placed at 8%.

Meanwhile, Lagos also trounces all the four oil states put together in IGR. The four states generated N101.6bn in 2018, which is N280.3bn less than that of Lagos in the same year.

In 2018 the states generated the following: Abia-N14.8 bn; Delta-N58.4 bn; Bayelsa-N13.6 bn and Edo-N28.4 bn.