Financial experts have said the Lagos State Government’s proposed N1.3tn budget for 2022 has the capacity to boost the fortunes of the state.
The Lagos State Commissioner for Economic Planning and Budget, Samuel Egube, lauded the allocation of over N823bn to capital expenditure such as infrastructure, education, security and agriculture.
Egube said in an interview on Arise News on Friday that the 2022 budget would consolidate the previous efforts of the state government at poverty eradication and infrastructure development while growing the state’s economy.
According to him, the key areas of growth that will be focused on by the state government include work 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.
An economist and Chief Executive Officer, BIC Consultancy, Dr Boniface Chizea, said, “The fact that about 59 per cent of the budget goes to capital expenditure, while 41 per cent (N564bn) would be expended on recurrent expenditure at a period when even the Federal Government is doing about 30 per cent on capital expenses is an electrifying development.”
According to Chizea, once a state crosses the 50 per cent mark, it deserves commendation.
He said it would trickle down to the people as health and education were allocated significant amounts in the budget.
