The Lagos State Government has made reserve of N1.65 trillion for next year budget spend, noting that the target is feasible going by the brilliant performance the current budget has recorded in the first half of the year at 80 per cent.
The Lagos State Commissioner for Budget and Economic Planning, Sam Egube who disclosed this while speaking at the 2023 budget consultative forum in Lagos, explained that the present administration is cautious and optimistic about meeting the target, adding that plans are also ongoing to reduce the fiscal deficit of the State currently at N500 billion.
Egube who was represented by the Special Adviser, Economic Planning and Budget, Adebayo Sodade, also stated the State’s plans to grow the State’s revenue to Gross Domestic Product (GDP) from 2.9 per cent 5 per cent.
According to him, “The budget for this year is actually N1.7 trillion made up of both the revenue and the fiscal deficit of N500 billion, what we are trying to do for next year is to prepare the budget and you know this would be the last budget of the administration. We are trying to be cautious and at the same time optimistic. The budget for next year is N1.65 trillion.
“This is quite feasible given the fact that as at half year of this year, we are performing at 80 per cent in terms of the revenue. In the medium term, we are still cautious and optimistic because we know that the world economy is still in turmoil. Right now, the inflation in Nigeria is out at 19 per cent.”
He said the objective of the 2022 budget is to upgrade the State’s infrastructure while also creating job opportunities and improving youth engagements participation and empowerment.
“For the 2022 budget, our revenue is performing at 81 per cent and most of the indices are actually performing positively. The total budget performance is 77 per cent and we hope that towards the end of the year, we will move it up to 80-95 per cent before the end of 2022,” he said.
Earlier, Director of Budget, Mr. Obajomo Amodu, said the forum is aimed at reaching out to the five divisions of Lagos State so that inputs of all stakeholders are taken into cognizance in the State’s budget process to further ensure transparency and acceptability of the budget.
He added that in fulfillment of the promise of “All inclusive Governance” by the Governor, Lagos State, Mr. Babajide Sanwo-Olu at the inception of his administration, the State has always adhered to proper consultation and due diligence especially in decision making processes.
According to him, the forum will also afford the State to update stakeholders on the half year performance of the budget and the resources available for the annual budget taking into consideration all economic variables such as price of oil, inflation, interest rates and the national security challenges.
“Most importantly, this forum provides us with an ample opportunity to share ideas geared towards a greater Lagos while rubbing minds with you, the citizens in order to ensure that your desired interests are captured in the budget as resources available permits,” he said
