Sunday, January 23, 2022

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Lagos Assembly passes N1.758trn 2022 budget

The Lagos State House of Assembly on Wednesday passed the Year 2022 budget estimate with an increase from the initial N1.38 trillion to N1.758 trillion.

The bill was passed at a sitting presided over by the Speaker of the House, Rt. Hon. Mudashiru Obasa, after a presentation of the report by Hon. Gbolahan Yishawu, Chairman of the Committee on Economic Planning and Budget.

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

According to him, the leftover was rolled into a ‘contingency fund’ in the Y2022 budget.

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

While the recurrent expenditure is N591,280,803,486 billion, the Capital expenditure is N1.166,915,843,358 trillion, which brings the budget total size to N1,758,196,44,844 trillion.

Speaking after the passage of the budget, 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.

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