Lagos Assembly okays N1.758trn 2022 budget

The Lagos State House of Assembly has passed the Y2022 budget estimate with a slight jerk up of the grand total from the initial N1.38trn to N1.758trn.

It would be recalled that Governor Babajide Sanwo-Olu made a presentation of the appropriation for the year 2022 on Wednesday 24th November 2021.

The Chairman of the Appropriation Committee, Hon. Gbolahan Yishawu stated this in a chat with Assembly Correspondents after the plenary session on Wednesday.

He explained that the difference that is reflected in the total budget size passed was due to the addition of leftovers in the previous allocations in the 2021 budget, rolled back into contingency funds in the Y2022 budget.

He noted that the Capital Expenditure and Recurrent Expenditure is ratio 66:34.

The recurrent expenditure is N591,280,803,486bn while the Capital expenditure is N1.166,915,843,358trn, which brings the budget total size to N1,758,196,44,844trn.

According to him the loans, bonds and ISPO funds are captured in the passed budget.

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