Lagos Earmarks 10% Of Y2022 Budget To Education Sector—Lagos State Government has earmarked 10 per cent of its year 2022 Budget to the education sector to adequately groom the youths towards making the desired impact and contributing to the progress and future development of the State.
The State Commissioner for Economic Planning and Budget, Mr. Samuel Egube, disclosed this during the State Budget appropriation analysis held in Alausa, explaining that the sum of ₦173.526 billion, being 10 per cent of the ₦1.758 trillion of the State’s Y2022 Budget of Consolidation, is allocated to education with ₦112.670 billion as recurrent expenditure while the capital expenditure for the sector stands at ₦60.855 billion.
According to him, the budget will take care of Primary and Secondary Schools, Technical Colleges, Lagos State University as well as the upgraded Colleges of Education and the State Polytechnic to Universities.
He averred that the State Health sector will also receive a boost this year as the sector has been apportioned seven per cent of the budget with the sum of ₦127.348 billion comprising a recurrent expenditure of ₦38.877 billion and capital expenditure of ₦88.471 billion.
Speaking on the Y2021 performance of the State Budget, he recapped that the revised budget of ₦1.257trn had total revenue of ₦984.573bn and deficit financing of ₦271.994bn with the Capital to Recurrent Ratio being 59:41 (i.e Capital Expenditure of ₦743.224bn and a Recurrent Expenditure of ₦513.343bn).