Sanwo-Olu Signs Lagos N1.76 Trillion 2023 Budget Into Law

Lagos State Governor, Babajide Sanwo-Olu, has signed the State’s N1.768 trillion 2023 budget tagged, “Budget of Continuity” into law.

The budget was assented to at a short ceremony held at the Governor’s Office in Alausa on Friday.

Sanwo-Olu said the fiscal document not only “aggressively” focus on completing ongoing capital projects, it would also expand intervention programmes and intensify social support to citizens and their means of livelihoods.

The 2023 Appropriation Bill has a capital expenditure of N1.019 trillion, representing 58 per cent of the 2023 budget. The recurrent expenditure, representing 42 per cent, is N748 billion, which includes personnel cost, overhead and debt services.

According to the Governor, the implementation of the budget would see to completion of various ongoing capital projects, including the final construction phase of the 37-kilometre Lagos Red Rail Line from Agbado to Ebute Metta.

Sanwo-Olu also said that the funding for the second phase of the Blue Line from Mile 2 to Okokomaiko has equally been approved in the budget. While Ojo General Hospital project and the mental health facility in Ketu-Ereyun being undertaken by the State Government will be swiftly completed.

“I’m delighted to assent to the 2023 Appropriation Bill transmitted to me after it was passed by the House of Assembly. The budget went through a rigorous review and passed through all the relevant statutory channels required before we now have a live document that can be implemented. This is a budget that speaks to the aspirations and the needs of Lagosians.

“The budget is audacious and its size is a reflection of the confidence our citizens repose in us. It is also a significant improvement in the discharge of the citizens’ civic responsibility in the areas of taxes and levies that are due to the Government. I give assurance of our commitment to prudent implementation and improvement in service delivery that will bring about more dividends of good governance,” he said.

He urged residents of the state to see partner in the government, adding that Lagos needs to be in the league of cities that can take opportunities to another to harness its potential.

He said: “Lagosians must know that our Government is committing to protecting their lives and their means of livelihoods. We can provide a lot more opportunities for our citizens in transportation, education, public health and other areas of human endeavour. To achieve these objectives, residents must see the real partner in us.

“We have seen the growth across the city and opportunities for business. Our budget must speak to this growth. Lagos needs to be in the comity of cities that can take opportunities to another level and ventilate its economic potential.”