Segun James
Lagos State Government has said that its Year 2022 budget of N1.758tn would be funded through Internally Generated Revenue through the State Internal Revenue Service of 73.5 per cent (N599,04bn) while about 19.2 per cent (N156.65bn) is expected to be generated by other MDAs of government, while the rest would be funded through loans and bonds.
Speaking during a press briefing on the Appropriation Law, 2022, the State Commissioner for Economic Planning and Budget, Mr. Sam Egube disclosed that the deficit funding requirement is N521.275bn, which according to him, is at 21 per cent of debt service to total revenue of the state.
While giving the revised budget for 2021, the commissioner stated, out of N1.257trn budget size, there was a total revenue of N984.573bn and deficit financing of N271.994bn.
The budget, which is tagged Budget of Consolidation, has total revenue of N1.237trn.
He explained that as of November 30th, 2021, the…
Source: Thisday Newspaper
