The Lagos State House of Assembly has passed the Y2022 budget estimate with a slight increase of the grand total from the initial N1.38 trillion presented before it by the governor, Babajide Sanwo-Olu, to N1.758 trillion.
While the recurrent expenditure was placed at N591,280,803,486 billion, the Capital expenditure for the year was put at N1.166,915,843,358 trillion, which brings the budget total size to N1,758,196,44,844trn.
The budget was passed on Wednesday bat a sitting presided over by the Speaker of the House, Mudashiru Obasa, after the members discussed the report presented by the chairman of the Committee on Economic Planning and Budget, Gbolahan Yishawu.
After approving the passage of the appropriation bill, the speaker, Obasa thanked his colleagues for working assiduously to ensure that the appropriation bill was passed.
Yishawu, after the plenary, explained that the budget size for next year was carefully made and that the Capital and Recurrent Expenditure ratio was put at 66:34.
He further explained that the increment of the total budget size passed was because it has an addition of leftovers from the previous allocations in the 2021 budget.
According to him, the leftover was rolled into a ‘contingency fund’ that was added to the Y2022 budget for the state.
According to him the loans, bonds, and ISPO funds were captured in the budget that was passed by the lawmakers for next year.
Earlier, while wishing members of the House of Assembly including their staff 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 during the new year celebration across the state.
The budget was presented before the house by the governor over one months ago during a session that was well attended by lawmakers and their relatives.