The Lagos state government has assured residents that the year 2020 budget of N1.169 trillion will promote massive investments in critical sectors of the economy which will increase the Gross Domestic Product (GDP) of the state.
The Commissioner for Economic Planning and Budget, Sam Egube, who gave the assurance during a press conference on the breakdown of the year’s fiscal policy, says priority will be given to the completion of ongoing projects in the state.
The approved budget of N1.169 trillion is made up of N711.033bn capital expenditure and N457.529bn recurrent expenditure and the deficit of N97.533trn, which will be funded by a combination of both internal and external loans.
A total expenditure of N1, 168.562 billion is budgeted for Y2020 at the capital to recurrent ratio of 61:39, with the primary objective to enhance infrastructure development.
The Commissioner for Economic Planning and Budget explained that proposed investment in some critical sectors such as the budgetary provision of N117.248billion for roads and other infrastructure, N44.510billion for traffic management / transportation, N136.100billion for education, N111.775billion for health, N11.917billion for the environment, N7.481bn for tourism, and N39.265bn for security and governance will guarantee the actualisation of the ‘Themes’ agenda of the present administration.
The Y2020 budget analysis tagged Budget of Awakening, was presented on November 8, 2019, by Lagos State Governor, Babajide Sanwo-Olu, on December 30, 2019, approved by the State House of Assembly, and was on December 31, 2019, signed into law by the governor.