GOVERNOR Babajide Sanwo-Olu of Lagos State signed the N1.768 trillion “Budget of Continuity” into law yesterday, saying it would not only “aggressively” focus on completing ongoing capital projects, but also expand intervention programs and intensify social support to citizens and their means of livelihood.
According to him, the budget will demonstrate the government’s desire to increase good governance and excellent service to residents through the T.H.E.M.E.S Agenda, emphasizing that the budget will move the State to a greater level of financial growth and social development.
The capital expenditure in the 2023 Appropriation Bill is N1.019 trillion, which accounts for 58% of the budget for 2023. The recurrent expense, which accounts for 42% of total expenditure, is N748 billion, which includes staff costs, overhead, and debt servicing.
