Lagos begins budget planning for 2023

By Adeleye Kunle

The Lagos State Government has begun budget preparations for 2023 with a five-day consultative forum in the state’s five divisions, abbreviated IBILE (Ikeja, Badagry, Ikorodu, Lagos Island, and Epe).

The Badagry division of the forum began on Tuesday at the Aderemi Makanjuola Auditorium, Lagos State University (LASU), Ojo campus, and the Ikeja division began yesterday at the Eko FM multipurpose hall, LTV premises, Agidingbi. It will continue in other divisions the following week.

Ngige also warns that unless petrol subsidies are removed, Nigeria will not have a capital budget for 2023.
Mr. Sam Egube, Economic Planning and Budget Commissioner, said of the 2022 mid-year budget performance, “Our state achieved 80% of revenue, which was quite phenomenal, especially given the challenges we face as a country.” Looking at total Internally Generated Revenue (IGR), we have N346 billion, compared to N451 billion, representing a 77% performance; total budget – out of an expected N880 billion, we have spent approximately N675 billion, representing a 77% performance.

“It is our hope that as we move into the second quarter, we will be able to increase this performance to more than 80%.” You will notice that our state has achieved very strong budget performance in the neighborhood of more than 80% over the last three years, which we will continue to drive regardless of the challenges we face as a nation.”

Aare Adebayo Sodade, Special Adviser to the Governor on Economic Planning and Budget, stated that the Governor Babajide Sanwo-Olu administration believed in thorough consultation on the budget-making process to ensure transparency and acceptability.