Lagos Governor Babajide Sanwo-Olu has presented an estimated N1,692 trillion as budget estimates for the 2023 to the House of Assembly, Thursday.
The ‘Budget of Continuity’ comprises revenue of N1.342 billion and deficit financing of N350,000 billion.
This further comprises total Internally Generated Revenue (IGR) of N1.108 billion and federal transfers of N234 billion.
The estimate also propose a recurrent expenditure of N759 billion and Capital expenditure of N670 billion.
Sanwo-Olu said the new Blue Line and Red Line rails would commence operations by the first quarter of 2023.
He noted that the new rails would generate thousands of jobs upon their commencement of service.
The Assembly is expected to scrutinise the proposed budget.
The appropriation bill themed, “Budget of Continuous Development,” is over N1.69.