Home Finance Lagos Assembly passes N1.758 tr budget for 2022

Lagos Assembly passes N1.758 tr budget for 2022

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

This was done after the presentation of the budget report by the Chairman, House Committee on Economic Planning and Budget, Gbolahan
Yishawu.

While speaking to the Assembly Correspondent after the plenary, Yishawu explained that the passed budget has addition of leftover from the previous allocations in the 2021 budget, which was rolled into the ‘contingency fund’ in the Y2022 budget.

He also put the capital and recurrent expenditure ratio at 66:34.

The recurrent expenditure is N591,280,803,486 billion, while the capital expenditure is N1.166,915,843,358 trillion, bringing the total budget size to N1,758,196,44,844 trillion.

He noted that the passed budget made provisions for loans, bonds and ISPO funds.

The Speaker, Mudasiru Obasa thanked his colleagues for working tirelessly to ensure that the appropriation bill was passed in record time, even as he wished them a happy New Year celebration, while praying that God would continue to keep Lagos safe.

He also enjoined them to always be safety conscious, putting themselves and their neighbours into consideration.

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