- Governor Babajide Sanwo-Olu has presented N1.2 trillion as 2020 budget to the Lagos state House of Assembly
- The governor said the state's economy had been affected by some global economic factors
- Sanwo-Olu, however, noted that the state would rise again to lead Nigeria to progress
The governor of Lagos, Babajide Sanwo-Olu, on Friday, November 8, confessed that Lagos is not immune to the economic challenges facing Nigeria and other states.
Legit.ng reports that Sanwo-Olu, who presented the 2020 budget of N1.2 trillion to the House of Assembly, noted that the state's economy had been affected by global economic factors like the drop in crude oil price and environmental challenges like rising sea levels.
The governor further argued that because the state housed a major part of the country's population, it faces the challenges of rising unemployment, infrastructural deficit, and climate change.
A breakdown of the budget shows that it would be funded by a projected total revenue of N1.071 trillion and a deficit amounting to N97.53 billion.
The budget proposal also shows a capital expenditure N723.75 billion and a recurrent expenditure of N444.81 billion.
He told the lawmakers that the deficit of N97.53 billion will be financed by both internal and external loans.
A study of the proposal showed further that as against the N78 billion budgeted for infrastructure in 2019, the sector would gulp N115 billion in 2020.
According to the budget, education comes next with N48 billion, an increase of 60% over the 2019 provision of N30 billion.
Healthcare also takes N33 billion while the environment takes N9 billion in 2020.
Meanwhile, Legit.ng had previously reported that the governor of Lagos state, Babajide Sanwo-Olu, on Wednesday, November 6, announced the dropping of 'his excellency' from his title.
It was reported that he asked Nigerians to henceforth be addressing him him as Mr Governor.
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