Ayodele Olalere
Lagos State government will generate a total of N1.7trillion in year 2020.
According to the Commissioner for Economic Planning and Budget, Sam Egube, the amount will form the substantial part of income to fund this year’s budget.
While giving breakdown of this year’s budget at the Alausa Press Centre, which was signed into law by the state governor, Babajide Sanwo-Olu, the commissioner said the expected revenue would be generated through Ministries and Agencies and would form part of the N1.168trillion of this year budget.
Out of the amount, works, education, health takes the largest share. N711.033billion would be spent on capital expenditure, while N457.529billion is for recurrent expenditure making it a 61 to 39 percents.
“The total revenue is estimated at N1.071trillion, while the deficit is N97.53billion, which will be financed by a combination of external and internal loans well within our fiscal sustainability benchmarks,” Egube said.
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While analysing the budget, Egube said the estimated Internally Generated Revenue (IGR) for year 2020 is N886.041billion, while Capital Receipts and Federal Transfer would provide N232.29billion, and N184.988billion respectively.
He said the deficit of N97.533billion would be funded by a combination of internal and external loan
He added N167.907billion would be spent on personnel cost while overhead costs would gulp N249, 930 billion.
For roads and infrastructures, Egube said the state has earmarked N117billion, while N11.288billion has been earmarked “to enhance our coastal infrastructure in order to curb the ocean surge and protect lives and properties.”
In the area of traffic management and transportation a total sum of ₦44.510billion,against N17.590billion in 2019 budget, was budgeted in 2020 budget.
Education also got a larger share with a total sum of N136.100billion budgeted to improve the education sector, which is N70.407billion higher than N65.693billion budgeted in 2019.
As part of efforts to make the state technology driven, a total of N10.629billion was earmarked for science and technology
In health, a total sum of N111.775billion, as against N53.141billion in 2019.
The amount would help to upgrade and renovate health facilities and complete the on-going healthcare infrastructure, including Maternal and Child Care Centers (MCCs); and the health insurance scheme.
Egube said the amount represents over 110% increased provision for the health sector.
In environment, a total sum of N66.586billion was earmarked for the sector in 2020, “out of which a sum of ₦11.917billion is meant for construction, upgrading and maintenance of drainage channels.”
The sum of N7.481billion is also earmarked for tourism, while sports development, security, agriculture, housing and wealth creation also got consideration.
