The Lagos State government has earmarked huge capital expenditure in the 2022

The Lagos State government has earmarked huge capital expenditure in the 2022 fiscal year to service key growth areas to consolidate the recovery of the state’s economy and positively impact residents’ livelihoods. In the proposed one point four trillion naira budget for the year 2022 presented to the Lagos State House of Assembly on Wednesday, Governor Babajide Sanwo-Olu revealed that the state would spend three hundred and twenty-five billion naira to deliver vital infrastructure projects in key sectors to energize and expand the growth of the state’s economy.

The key areas of growth identified by the governor include works and infrastructure, waterfront infrastructure development, agriculture, transportation, energy and mineral resources, tourism, entertainment and creative industry, commerce and industry, as well as wealth creation and employment. He explained that the human capital development drive of his administration was projected to take a leap in 2022, with an allocation of twenty-one percent combined in
the total expenditure to education and health.

The proposed budget, christened Budget of Consolidation will be the last full-year fiscal plan of the state before the general elections in 2023. In his presentation, Governor Sanwo-Olu asserted that the coming year presents an
opportunity for the government to consolidate on the progress recorded, while leveraging investment inflow, partnership and business-friendly policies, to maximally translate its achievements into noticeable positive impact in the lives of residents.

Meanwhile, about eight hundred and twenty-three billion naira, representing fifty-nine percent of the 2022 budget, is earmarked for capital expenditure while recurrent expenditure including personnel cost, overhead, and debt services is five hundred an sixty-five billion naira representing forty-one percent.