Lagos Plans Bonds, Borrowings To Fund N192.49bn Budget Deficit

The Lagos State Government says it will explore a number of sources including bonds, domestic borrowing and foreign debt to finance a gap of N192.49bn contained in its 2021 budget.

Commissioner for Budget and Planning, Mr Sam Egube, said this at a breakdown of the budget in Lagos on Thursday.

Egube who was accompanied by some cabinet members and other officials of the government said that 60 per cent of the N1.16tn would go into capital expenditure while 40 per cent would go into recurrent expenditure.

The budget breakdown put estimated revenue at N971.02bn, consisting of N723.81bn from internally generated revenue, N71.81bn of capital receipts and N175.4bn in federal transfers.

Recurrent expenditure stands at N460.58bn.

The government said it has made a total provision of N167.8bn for the aggressive development and maintenance of infrastructure across the state in 2021.

A Project Stabilisation Fund for various projects across the state was budgeted at N19.5bn. The government provided N15bn for Rebuilding Lagos Project/Trust Fund while the Lagos – Badagry Expressway is expected to gulp N5.9bn.

The government noted that the State Infrastructure Intervention Fund for Roads within Local Government and Local Community Development Areas would cost N10bn and the reconstruction of Lekki-Epe Expressway from Eleko junction to Epe T-junction Lekki Regional Roads would cost N11bn.

It said the allocation for the construction/completion of Agege Pen Cinema Flyover, Oregun Bridge Rd Network, Agric Isawo Rd, Bola Ahmed Tinubu Rd, Igbogbo, Ijede Rd and Mba Cardoso Rd was at N13.6bn and the general public services for various community/grassroots projects budget was N8.5bn.

The state government added that the enhancement of the coastal infrastructure to curb the ocean surge and protect lives and property would cost N9.2bn.