Sam Egube, the Commissioner for Economic Planning and Budget, Lagos State, made the disclosure in Lagos on Thursday at a media briefing of the Year 2021 analysis.
Egube said the budget was made up of N702.93 billion and N460.58 billion for both capital expenditure and recurrent expenditure respectively.
This, he explained, represented a 60:40 capital to recurrent expenditure ratio strongly in favour of capital expenditure.
Egube added that the state’s expected total revenue was estimated at N971.028 billion, with a deficit of N192.494 billion.
He revealed that the deficit would be financed by a combination of external and internal loans and also bond well within the state’s fiscal sustainability benchmarks.
The Commissioner highlighted that the budget earmarked the N5.09 billion for the commerce and industry sector to improve economic activities within the state.
Egube detailed that the said sum was for the ongoing development of Lekki Free Zone, Imota Light Industrial Park/Hubs, Gberigbe Enterprise Zone in Ikorodu and other areas within the state.
He said: “Though the Y2020 was very challenging, we considered the challenge as an opportunity.
“Therefore, in spite of the gloomy socio-economic outlook across the world and dwindling oil revenue, Lagos has made significant fiscal progress.
“The year 2021 is indeed a year of Rekindled Hope with the recent global and national events such as the COVID-19 pandemic, #EndSARS protests, and the general feeling and demand of our people for an inclusive governance, equitable quality of life and consistent economic growth.
“We have tagged the 2021 Appropriation Bill the ‘Budget of Rekindled Hope’ to reflect our determination to rise above the challenges that have affected our development indices in the last 11 months.
“This Budget of Rekindled Hope demonstrates our willingness to overcome all obstacles and deliver all electoral promises to Lagosians.
“The Budget of Rekindled Hope reflects the continued execution of the THEMES agenda, which is just as relevant as it has always been.”
The News Agency of Nigeria reports that N143.16 billion was earmarked for General Public Services, N42.27 billion for Public Order and Safety and N332.69 billion for Economic Affairs.
Also, N59.65 billion for Environment, N37.08 billion for Housing, N105.98 billion for Health, N7.29 billion for Recreation and Religion, N146.93 billion for Education and N9.15 billion for Social Protection.
Others include N21.55 billion for Contingency Reserves, N162.71 billion for Loans, N37.98 billion for Personnel Costs and N57.04 billion for grants.