As a way of concluding 2021 and opening a new year’s economy on a good note, the Lagos State Governor, Babajide Sanwo-Olu, has indicated readiness to ensure the N1.758 trillion 2022 budget was signed into law on the last day of 2021, with plans to immediately hit the ground running for productive 2022.
Sanwo-Olu would be appending his signature on the appropriation bill passed by the State’s House of Assembly, to give the workers and corporate organisations a clear direction the government would be towing from next year.
He would be signing the bill into law on Friday at the Lagos House in Ikeja and the ceremony would be witnessed by members of the house of assembly particularly the speaker, Mudasiru Obasa.
A source at the State-house, who disclosed that the signing ceremony would be held in accordance with the COVID-19 protocol, hinted that the bill was already before the governor and would be signed into law to give a clear direction for next year in Lagos.
The signing into law of the appropriation bill came barely 48 hours after the lawmakers 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 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 at a sitting presided over by the Speaker after the members discussed the report presented by the chairman of the Committee on Economic Planning and Budget, Gbolahan Yishawu.
Before the passage, Yishawu 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.
The chairman noted that the leftover from this year 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.