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2022 budget: Lagos targets N1.2trn revenue to finance deficit

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The commissioner said the total budget size of N1.758 trillion would be funded from a total revenue estimate of N1.237 trillion.

has said that the deficit of N521.275 billion of the 2022 budget will be funded through N1.237 trillion targeted revenue.

He said that the deficit funding requirement of ₦521.275 billion was at 21 per cent of debt service to total revenue of the state. This was after a very rigorous bilateral engagement with the respective Ministries, Departments, and Agencies . Mr Egube said that 73.5 per cent of the projected TIGR is expected to be contributed by Lagos State Internal Revenue Service , while about 19.2 per cent is expected to be generated by other MDAs of government.

“The deficit of N521.275 billion is projected to be funded by a combination of internal, external loans and bond issuance.

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