Lagos, Delta and Cross River states, on Thursday, presented a total of N2.58tn budgets for the 2023 financial year.
In Lagos, Governor Babajide Sanwo-Olu presented the 2023 Appropriation Bill to the House of Assembly.
The governor presented a budget estimate of N1.692 trillion tagged, ‘Budget of Continuity.’
Sanwo-Olu, during the presentation, said the budget would help his administration to complete ongoing projects, expand social intervention programmes, support the citizens, and assist micro and small businesses.
He said, “I am privileged to present to you today the year 2023 budget proposal which is tagged ‘Budget of Continuity.’ As earlier stated, this is the last budget before the 2023 general elections. It is therefore an opportunity to consolidate all that we have been doing since the inception of this administration, towards satisfying the yearnings and aspirations of the people of Lagos State.
“In view of this, I am pleased to present to you the year 2023 Budget of Continuity – as proposed – with a total budget size of N1,692,670,759,894, comprising a total revenue of N1,342,670,649,640 and deficit financing of N350,000,000,000.
“This comprises total Internally Generated Revenue of N1,108,435,649,640 and total federal transfer of N234,235,000,000. We equally propose a recurrent expenditure of N759,958,569,792, comprising total overhead, total personnel cost and recurrent debt service. As regards capital expenditure, we propose a total figure of N932,712,190,102.”
In the budget’s breakdown across sectors, economic affairs had the highest with N339.482bn, which represented 20.06 per cent of the total budget. Next was general public service – N308.363bn (18.22 per cent); education – N153.445bn (9.07%) and health – N67.358bn.
The Speaker of the House, Mudashiru Obasa, advised the executive to do more in the months leading to the end of the administration.
“The year 2023 budget of Lagos should have a more human face, be targeted at reducing poverty and improving the welfare of the residents of the state as part of the THEMES agenda that guides this administration.
“There is, therefore, no doubt that in the remaining months leading to the end of this administration, so much more needs to be done. So much is still needed from us as the good people of Lagos yearn for more dividends of democracy, especially at this critical time,” he said.
Ayade budgets N330bn
Meanwhile, Governor Ben Ayade of Cross River State presented before the House of Assembly a budget proposal of N330bn for the 2023 fiscal year.
The budget christened, ‘Budget of Quantum Infinitum’, was targeted at the citizens and to complete and commission all his projects in the last seven years, Ayade said.
He said explained that the budget was tagged ‘budget of quantum Infinitum’ because it was carrying mass aspects of the state progressive and development plan.
He said that the recurrent expenditure would accommodate the payment of salaries, gratuities and pensions, and also cushion the effects of hardship and poverty in the state.
“For capital expenditure, we have budgeted a sum of N200 billion which represent 61 per cent of the budget estimate.
“The capital expenditure will provide for the completion of all the projects that are yet to be completed in the state.
“I wish to call on the Federal Government to support this budget and help us to complete our projects. Since the loss of Bakassi, the state has continued to suffer economic hardship.
“This budget seeks to carry too many things given our commitment to sustaining the growth and development of the state,” he said.
He also said, “There’s a provision for grants, there’s a provision for conditional cash transfer, there’s a provision for social comfort just for the betterment of our people.