Lagos State House of Assembly has passed the 2022 budget presented by Governor Babajide Sanwo-Olu.
There was an increase in the total sum from the initial N1.388 trillion to N1.758 trillion.
The budget was passed at a sitting led by the Speaker, Mudashiru Obasa, after a report by Gbolahan Yishawu, Chairman, Committee on Economic Planning and Budget.
Yishawu explained that the estimate includes leftovers from previous allocations in the 2021 budget.
The lawmaker said the residues were rolled into ‘Contingency Fund’ in the 2022 budget. The capital and recurrent expenditure ratio stand at 66:34.
The recurrent is N591,280,803,486, while the capital is N1,166,915,843,358, totalling N1,758,196,44,844.
The legislature confirmed that loans, bonds and ISPO funds are captured in the new budget.
In his remark, Obasa thanked his colleagues for working assiduously to ensure that the appropriation bill was passed.
The Speaker wished Nigerians a happy New Year celebration and prayed that God would keep Lagos and the country safe.
Credit: DAILY POST
