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Friday, November 8, 2019

Sanwo-Olu presents massive N1.168t budget for 2020

Lagos State Governor, Babajide Sanwo-Olu on Friday presented a budget of N1.168 trillion to the Lagos State House of Assembly for approval for the 2020 fiscal year.

The proposed budget is to be funded by a projected Total Revenue of N1.071 trillion and a deficit amounting to N97.53 billion.

The 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.

According to Sanwo-Olu, “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.

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