Knowledge Economy: Lagos Governor presents N1.38trn 2022 budget as education takes lion’s share

*Governor Babajide Sanwo-Olu of Lagos State has presented N1.38trillion estimates as the state 2022 Budget to the State House of Assembly with the significant education sector of the economy taking the lion’s share of N171.6billion

Isola Moses | ConsumerConnect

Governor Babajide Sanwo-Olu of Lagos State has presented N1.38trillion estimate as the state 2022 Budget, as the significant education of the economy takes the lion’s share of N171.6billion, representing 12.3 percent of the total budget.

ConsumerConnect reports in the appropriation bill of the Lagos State Government (LASG), tagged: “Budget of Consolidation”, the health sector got N123.2billion at 8.87 percent; general public services received N235.4billion, representing 16.96 percent, while Economic Affairs’ N325.014billion represented 23.41 percent of the proposed appropriation.

The LASG bill also proposes a recurrent expenditure of N564.9billion, as capital expenditure is pegged at N823.35billion, representing a capital to recurrent ratio of 50:41.

Front Row: Chief Whip, Lagos State House of Assembly, Mojisola Lasbat (left); Deputy Speaker, Wasiu Sanni Eshilokun; Deputy Governor, Dr. Obafemi Hamzat; Governor Babajide Sanwo-Olu; Speaker, Mudashiru Obasa; his wife, Falilat, and others during the Presentation of the 2022 Budget Estimates in Ikeja, Lagos

Governor Sanwo-Olu, who disclosed that the current 2021 Budget performed remarkably well, noted that in the first quarter of this year, the state Internally Generated Revenue (IGR) was estimated at N128.2billion, about 28 percent higher than what was achieved the corresponding quarter of 2020, in which the state reportedly recorded N100.3billion.

He related that 2022 is a year in which the government would focus on completing ongoing projects, while also expanding social intervention programmes and support citizens in micro and small businesses.

On security, infrastructure upgrade and safer Lagos initiatve

The governor explained that the state’s continued investment in the security sector of the economy has reaped positive dividends.

Sanwo-Olu explained that more allocation would be channelled to security in 2022 to make Lagos safer for living, working and investment.

In spite of the damaging impact of the global economic downturn, he said Lagos had seen more construction machinery deployed to deliver new infrastructure in the areas of roads, rail, housing, health, education and waterways.

The governor stated: “There has been significant progress on the Lagos Rail Mass Transit projects, which include both the 27-kilometre Blue line that will run from Okokomaiko to Marina, and the 32-kilometre Red line that will run from Agbado to Oyigbo, and eventually to Marina.

“These rails, when completed, will deliver a combined 32.5 million people every month on their respective routes, reducing travel time by over 250 per cent, increasing the productivity and quality of life of our people.”

He also told the state lawmakers: “The Red line will come with eight new modern train stations, 10 new overpasses and 13 pedestrian bridges. These ambitious projects are expected to be commissioned in the fourth quarter of 2022.”

Meanwhile, Governor Sanwo-Olu has acknowledged the numerous challenges facing the state, expressed hope that the proposed budget would consolidate the current administration’s efforts at ensuring a better life for all residents of the state.

He also admitted that this year’s state budget had performed remarkably at current 80 percent and expressed optimism of a 90 percent or more performance before the end of the year.

The governor used the occasion of budget presentation to applaud members of the Lagos State House of Assembly (LSHA) for supporting his administration to achieve several feats in the last two-and-a-half years, which Sanwo-Olu noted have earned the state global recognition, especially in the management of the Coronavirus (COVID-19) pandemic.

In his address at the budget presentation, Rt. Hon. Mudashiru Obasa, Speaker of Lagos State House of Aseembly, said that the budget would be the last full year budget to be implemented by the current administration.

The Speaker pledged that the House would meticulously perform its constitutional duty in this regard.

Hon. Obasa also urged Governor Sanwo-Olu to work more on policies to bring more dividends of democracy to Lagosians.

While commending the governor on the achievements of the current administration, he said the dividends yet should reach more consumers at the grassroots.

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