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.