The Lagos State House of Assembly has passed the 2022 ‘Budget of Consolidation’ estimates of N1.758 trillion presented by Governor Babajide Sanwo-Olu.
This was done on Wednesday evening during the sitting presided over by the speaker, Mudashiru Obasa.
The Chairman, House Committee on Economic Planning and Budget Mr. Gbolahan Yishawu, explains that the budget was increased in the grand total from the initial N1.38 trillion submitted on November 24 to N1.758 trillion.
Mr. Yishawu further explains that the increase in the budget was the addition of the leftover from the 2021 budget.
“The leftover was rolled into ‘contingency fund’ in the 2022 budget and this has also put the capital and recurrent expenditures ratio at 66:34.
“The recurrent expenditure is N591.28 billion while the capital expenditure is N1.167 trillion which brings the budget total size to N1,758 trillion.”
He also noted that all loans were captured in the budget.
At the end of the sitting, Mr. Obasa thanked everyone for ensuring that the bill was passed, he directed the Acting Clerk of the House, Olalekan Onafeko to send the passed budget to the governor for assent.
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