Babajide Sanwo-Olu, governor of Lagos, presented N1.168 trillion 2020 appropriation bill to the state house of assembly on Friday.
The budget presented to the assembly consists of a capital and recurrent expenditure of N723.6billion and N441.8billion respectively.
The estimates tagged ‘Budget of Awakening’ is about N294 billion more than the state’s 2019 budget of N874 billion.
“The proposed budget size for the year 2020 is 1.168 trillion naira; to be funded by a projected total revenue of 1.071 trillion naira, and a deficit amounting to N97.53 billion,” Sanwo-Olu said during the budget presentation.
“This budget size is higher than the 2019 budget by 34% Capital expenditure amounts to N723.75 billion while the recurrent expenditure is N444.81 billion giving a 62:38 capital to recurrent ratio.
“This, in our view, is strong for development. We have placed an increased focus on wealth creation where we will take deliberate steps in courting a partnership between our people and various development institutions.
The governor added that his administration has provided N11.8 billion as counterpart fund in preparation for various social impact schemes.
He also said he has made provisions for N7.1 billion for industrial hubs, graduate internship programs, and virtual markets for artisans “in support for micro, small and medium enterprises which are the engines for both economic and employment growth”.
“The budget deficit of 97.53 Billion Naira will be financed by both internal and external loans. Since revenue generation is the spine of any budget, this budget supports investment,” he said.