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Tuesday, May 17, 2022

Lagos Assembly increases state’s 2022 budget to N1.76 trln

The Lagos State House of Assembly increased the state 2022 budget to N1.76 trillion from the N1.38 trillion presented by Governor Babajide Sanwo-Olu.

The legislators on Wednesday passed the state spending estimate for 2022 after a presentation of the report by Chairman of the Committee on Economic Planning and Budget, Gbolahan Yishawu.

Yishawu, after the plenary, explained that the total budget size passed has addition of left overs from the previous allocations in the 2021 budget.

He said the leftover was rolled into ‘contingency fund’ in the year 2022 budget.

He also put the Capital and Recurrent Expenditure ratio at 66:34.

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While the recurrent expenditure is N591.28 billion the Capital expenditure is N1.166 trillion, which brings the budget total size to N1.76 trillion.

The lawmakers also captured loans, bonds and ISPO funds obtained by the government in the spending estimate before it was passed.

Speaking after the passage of the budget, Speaker of the assembly, Mudashiru Obasa thanked his colleagues for working assiduously to ensure that the appropriation bill was passed.

While wishing them a happy New Year celebration, Obasa prayed that God would continue to keep Lagos safe.

He urged them to also remain conscious of their safety as well as the safety of their neighbours.

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