Today, Friday, July 27, 2023, Lagos State Governor Bababjide Sanwo-Olu will sign the N1,768,014,155,285 2023 Appropriation Bill into law for the fiscal year.
According to Gbenga Omotoso, the state Commissioner for Information and Strategy, Sanwo-Olu is likely to sign the Appropriation Bill, which had previously been approved by the state House of Assembly for the Governor’s approval.
The event will commence at 3 p.m. in the Lagos House Ikeja Conference Room.
Remember that the Lagos State House of Assembly authorized a total of 1,768,014,155,285 for the fiscal year 2023 sometime in December last year, 2022.
Governor Babajide Sanwo-Olu presented the N1.69 trillion ‘Budget of Continuity’ to the House in October 2022.
The Year 2023 Budget of Continuity comprises a total revenue of N1.342trillion and deficit financing of N350bn, which comprises N1.108trn total Internally Generated Revenue (IGR) and N234,235bn total Federal Transfers.
Sanwo-Olu also proposed a recurrent expenditure of N760bn (45%), comprising N403bn total overhead; N247bn total personnel cost, and N109bn recurrent debt service. He proposed a total capital expenditure of N933bn (55%) comprising N670bn expenditure and N263bn repayment.