The Lagos State House of Assembly has passed the 2022 ‘Budget of Consolidation’ estimates of N1.758 trillion presented by Governor Babajide Sanwo-Olu.
The budget was passed on Wednesday evening at a sitting presided over by the Speaker, Mudashiru Obasa, sequel to a budget report presentation by Gbolahan Yishawu, Chairman, House Committee on Economic Planning and Budget.
Governor Sanwo-Olu had initially on November 24 presented a budget estimate of N1.388 trillion, however, Mr Yishawu explained that there was a slight increase in the grand total from the initial N1.38 trillion to N1.758 trillion.
The lawmaker further explained that the total budget size passed has an addition of leftover from the previous allocations in 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.”
Mr Yishawu pointed out that all the loans and the bonds were already captured in the budget.
Speaking after the passage of the budget, Mr Obasa thanked his colleagues for working assiduously to ensure that the appropriation bill was passed.
He directed the Acting Clerk of the House, Olalekan Onafeko, to send a clean copy of the passed budget to the governor for his assent.