Gov. Babajide Sanwo-Olu of Lagos State on Friday presented the year 2020 proposed Budget of N1.168 trillion to the 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.
Sanwo-Olu said the proposed budget had been christened: “The Budget of Awakening to a Greater Lagos”, and would give priority to the completion of ongoing projects.