The 2022 budget for Lagos State has been increased by the House of Assembly to N1.76 trillion from the N1.38 trillion presented by Governor Babajide Sanwo-Olu.
Sanwo-Olu had projected to spend N1.38 trillion for the 2022 fiscal year, but the Lagos State House of Assembly felt the state was capable of spending more.
On Wednesday, the Chairman of the Committee on Economic Planning and Budget, Mr Gbolahan Yishawu, submitted a report on the project proposal to his colleagues after a careful look at the Governor’s documents.
The lawmaker explained that the budget size was increased to accommodate leftovers from the previous allocations in the 2021 budget, which were pushed into contingency fund in the 2022 budget.
According to him, the new budget has a capital and recurrent expenditure ratio of 66:34, with the former gulping N1.166,915,843,358 and the latter taking N591,280,803,486, bringing the total to N1,758,196,44,844.
The Speaker of the Lagos Assembly, Mr Mudashiru Obasa, who presided over the plenary yesterday, commended his colleagues for working assiduously to ensure the quick passage of the appropriation bill.
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