Ayodele Olalere
Governor Babajide Sanwo-Olu, on Wednesday, presented N1.3trillion 2022 budget before the State House Assembly.
Christened the Budget of Consolidation,
the budget proposes a recurrent expenditure of N564billion with capital expenditure pegged at N823.35billion representing a capital to recurrent ratio of 59% to 41%.
Presenting the budget, Governor Sanwo-olu, said education takes the biggest chunk is with N171.6billion representing 12.3% of the total budget size.
Governor Sanwo-olu who acknowledged the many challenges facing the state expressed the hope that the proposed budget would consolidate all his administration’s efforts at ensuring a better life for all residents of the state.
The governor acknowledged that this year’s budget had performed remarkably well currently at 80% and expressed optimism of a 90% or more performance before the end of the year.
He commended members of the Legislature for supporting his cabinet to achieve many feats in the last two and half years, earning the State global recognition especially in the management of the Covid-19 pandemic.
The governor further said the expected Revenue for the state in 2022 is ₦1,135,159,092,822.30, which comprises of
Internally Generated Revenue of ₦898,891,092,822.30 , and ₦236,268,000,000.00 federal transfer.
