Sanwo-Olu To Borrow N350 Billion To Fund 2023 Budget - Politics

Sanwo-Olu To Borrow N350 Billion To Fund 2023 Budget - Politics - Nairaland

Nairaland Forum › Nairaland General › Politics › Sanwo-Olu To Borrow N350 Billion To Fund 2023 Budget (17806 Views)

Sanwo-Olu To Borrow N350 Billion To Fund 2023 Budget by oshozondii(op): 3:59pm On Oct 27, 2022

Lagos State Governor, Babajide Sanwo-Olu on Thursday revealed that the state will borrow N350 billion to fund the 2023 budget.

The governor had presented a budget of N1.69 trillion to the State House of Assembly for approval for the 2023 fiscal year.

The budget is deficit and to be financed by borrowing, which is pegged at N350 billion.
Currently, Lagos’ domestic debt as at June 2022, according to the Debt Management Office (DMO) stands at N797,305,312,602.53, while the foreign debt stands at 1.27 billion US Dollars (N555.828bn).

This pegged the state’s total debt profile in the region of N1.35 trillion.

However, in presenting the 2023 budget tagged: ‘Budget of Continuity,’ the governor said it comprised a Total Revenue of N1,342,670,649,640 and Deficit Financing of N350,000,000,000.

The budget comprises total Internally Generated Revenue (IGR) of N1,108,435,649,640 and Total Federal Transfer of N234,235,000,000.

Sanwo-Olu added that the budget has a recurrent expenditure of N759,958,569,792, comprising Total Overhead Cost of N403,653,328,479; Total Personnel Cost, N247,295,312,088 and Recurrent Debt Service, N109,009,929,224.

The N403,653,328,479 Total Overhead Cost is broken down into Overhead, N221,957,283,661; Subvention, N93,501,258,220 and Dedicated, N88,194,786,596.

The 2023 budget has a Capital Expenditure of N932,712,190,102, comprising capital expenditure, N670,134,079,150 and Repayment, N262,578,110,952.

“The budget size is made up of recurrent expenditure of N759,958,569,792 (45%) and capital
expenditure of N932,712,190,102 (55%).The deficit financing shall consist of external and internal loans and bonds which are well within our fiscal sustainability parameters,” Sanwo-Olu said.

In the sectoral breakdown, Economic Affairs has the highest budget of N339,482,825,430 which represents 20.06 percent of the budget, while General Public Service came second with N308,363,331,313, representing 18.22 percent of the budget. Education came third with N153,445,318,140 (9.07%) while Health came next with N67,358,643,068.

https://pmnewsnigeria.com/2022/10/27/sanwo-olu-to-borrow-n350-billion-to-fund-2023-budget/?utm_source=&utm_medium=twitter

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Re: Sanwo-Olu To Borrow N350 Billion To Fund 2023 Budget by Zonefree(m): 4:01pm On Oct 27, 2022

Another massive cash out for Tinubu.

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Re: Sanwo-Olu To Borrow N350 Billion To Fund 2023 Budget by endsarrrs(f): 4:03pm On Oct 27, 2022

I see.

These monies will go a long way in funding APC general election affairs

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Re: Sanwo-Olu To Borrow N350 Billion To Fund 2023 Budget by Nobody: 4:04pm On Oct 27, 2022*

Borrow and end up in sorrowing

Contact me for your Academic Assignment, projects and research works
Check down my signature on how to contact me

75 Likes 6 Shares

Re: Sanwo-Olu To Borrow N350 Billion To Fund 2023 Budget by saheedbadmus(m): 4:04pm On Oct 27, 2022

Hmm shey looto...well election is around the corner nau

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Re: Sanwo-Olu To Borrow N350 Billion To Fund 2023 Budget by christejames(m): 4:07pm On Oct 27, 2022

Tinubu hands need to be taken off Lagos state coffers because he is holding that state so tight by the jugular...

Cityboil he calls himself, but his acclaimed city is no match to the regenerative cities of Africa talk more of the one outside the continent undecided

Can Lagos as a city boast about having a good cityscape or lifestyle as comparative to Dar El Salam, Luanda, Casablanca, Gaborone or even Harare?

I'm not even camparing it with Johannesburg, Cape Town or Cairo yet embarassed

because Lagos no reach.

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Re: Sanwo-Olu To Borrow N350 Billion To Fund 2023 Budget by gift2xl: 4:15pm On Oct 27, 2022

shameless politicians.

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Re: Sanwo-Olu To Borrow N350 Billion To Fund 2023 Budget by Michelle70(m): 4:16pm On Oct 27, 2022

2023 ehn

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Re: Sanwo-Olu To Borrow N350 Billion To Fund 2023 Budget by socialmediaman: 4:17pm On Oct 27, 2022

If it's for infrastructure development that generates revenue and betters the lives of the people, then It's good debt

...but we both know in whose bank accounts most of the money is ending up

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Re: Sanwo-Olu To Borrow N350 Billion To Fund 2023 Budget by N3wman: 4:21pm On Oct 27, 2022*

Is this the change APC promised? A debt riddled change? And it keeps rising, debt are supposed to be repaid but obviously not in this country

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Re: Sanwo-Olu To Borrow N350 Billion To Fund 2023 Budget by Nobody: 4:24pm On Oct 27, 2022

Campaign money.Lagos state should disband oluomo and iyaloja and deploy local government workers into bus garages and markets to be cutting tickets to commercial busses and traders to generate revenues.Mc oluomo and tinubu's daughter are illegal touts.

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Re: Sanwo-Olu To Borrow N350 Billion To Fund 2023 Budget by Fkmodhi: 4:34pm On Oct 27, 2022

Thiefnub.u build Lagos, Sanwo Olu wan borrow 350b to fund 2023 budget of agberos...

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Re: Sanwo-Olu To Borrow N350 Billion To Fund 2023 Budget by LegendHero(m): 4:35pm On Oct 27, 2022*

Nice one Sanwo-Olu.

350billion is still within range in Lagos for a full budget year considering the size of the budget and the infrastructural spending the government is currently undertaking.

Just give us the light rail by first quarter of next year and complete the rest of the lines.

I can see the children of hate gnashing their teeth up there. Soludo borrowed 100billion within his first few months in office and yet we cannot mention one solid thing he has achieved in Anambla.

But those inhabitant of the failed state will come online to abuse Lagos daily when their area cannot even be compared to a local government in Lagos.

Anambra Agbero receipt.

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Re: Sanwo-Olu To Borrow N350 Billion To Fund 2023 Budget by DamnnNiggarr: 4:38pm On Oct 27, 2022

But some guys on here said that borrowing is only for Anambra because PO left the State in ruins.

Let the guy above me justify this and blame PO for Soludo's borrowings.

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Re: Sanwo-Olu To Borrow N350 Billion To Fund 2023 Budget by LegendHero(m): 4:42pm On Oct 27, 2022

DamnnNiggarr:

But some guys on here said that borrowing is only for Anambra because PO left the State in ruins.

Let the guy above me justify this and blame PO for Soludo's borrowings.

Borrowing is not a bad thing so far you can account for what you borrowed for.

Soludo is just overhyped and even some of Obi comrade on Twitter are starting to call him out. He borrowed 100billion and there’s little to show for it.

Even if Sanwo-Olu borrow 500billion, at least daily we can see all his stride in Lagos with the biggest infrastructural project embarked in Lagos like the light rail. They all cost money and etc.

Even for rich men, they will prefer to borrow from banks for a project rather than use their cash to finance it which explained why you see the likes of Dangote borrowing massively for his project even tho his net worth is more than what he’s borrowing.

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Re: Sanwo-Olu To Borrow N350 Billion To Fund 2023 Budget by Chatflick(m): 4:45pm On Oct 27, 2022*

Okay.

Re: Sanwo-Olu To Borrow N350 Billion To Fund 2023 Budget by Siberia01(m): 4:45pm On Oct 27, 2022

Re: Sanwo-Olu To Borrow N350 Billion To Fund 2023 Budget by Falseprofet2: 4:45pm On Oct 27, 2022

where is righteousness 2 to come and explain how this is not endtimes

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Re: Sanwo-Olu To Borrow N350 Billion To Fund 2023 Budget by ecolime(m): 4:45pm On Oct 27, 2022

Lagos has no business borrowing money if not for Tinubu's greed.

The man is choking Lagosians & taxpayers to death. We need to be liberated from him cry

Sadly, the liberation would be difficult because opposition parties in Lagos are inside his pocket, else how do you explain PDP presenting Jandor & Jennifer (clowns) as candidates?

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Re: Sanwo-Olu To Borrow N350 Billion To Fund 2023 Budget by LiveWithIt: 4:45pm On Oct 27, 2022

Zombies rushing to the thread to wail as usual...
Wail in Anambra before chucking mouth in Lagos matter tongue

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Re: Sanwo-Olu To Borrow N350 Billion To Fund 2023 Budget by Parachoko: 4:45pm On Oct 27, 2022

Billions of naira should be set aside for the rehabilitation of lots of inner roads in Lagos.

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Re: Sanwo-Olu To Borrow N350 Billion To Fund 2023 Budget by babaRUNtinz(m): 4:46pm On Oct 27, 2022

Sanwo Eko,Sanwo Tollgate

Re: Sanwo-Olu To Borrow N350 Billion To Fund 2023 Budget by Cholls(m): 4:46pm On Oct 27, 2022

My brother I just dey here dey laugh

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Re: Sanwo-Olu To Borrow N350 Billion To Fund 2023 Budget by Nobody: 4:46pm On Oct 27, 2022

Well

Most states rely on allocation from government

Most of the money that government uses for allocation comes from oil money

Oil money is very unstable. The problem is oil price. Today, 150 dollars per barrel, tomorrow, 30 dollars per barrel.

Nigeria needs oil at 133 dollars per barrel on a consistent basis, otherwise we would end up with huge debts.

That is why Sanwo-Olu, Soludo et al...BORROW.

(Unless we tax everyone, including farmers, unemployed, herdsmen, armed robbers, etc heavily).

1 Like 1 Share

Re: Sanwo-Olu To Borrow N350 Billion To Fund 2023 Budget by SenatePresdo(m): 4:46pm On Oct 27, 2022

All the money Tinubu Stole via Alpha-Beta should be enough to fund lagos budget.

But urchins are too daft.

Tinubu discovered lagos and invented lagos inside their Agbero tout brains grin

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