Lagos Assembly passes 2022 budget of N1.758tr

The Lagos State House of Assembly on Wednesday evening passed the state’s 2022 budget of N1.758 trillion.

The Lagos State Governor, Bababjide Sanwo-Olu, presented the 2022 Appropriation Bill of N1.38 trillion to the Assembly on November 24.

The lawmakers passed the budget after adopting the report of the House Committee on Economic Planning and Budget presented by its Chairman, Gbolahan Yishawu, at the plenary.

Yishawu said the total budget size included leftovers from the previous allocations in the 2021 budget.

He added that the leftovers were rolled into a “contingency fund” in the 2022 budget.

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

The recurrent expenditure was pegged at N591.2 billion while N1.166 trillion was set aside for capital expenditure, bringing the total budget size to N1.758 trillion.

Yishawu noted that loans, bonds, and ISPO funds are captured in the budget.

The Speaker of the Assembly, Mudashiru Obasa, commended his colleagues for ensuring that the budget was ready for passage without any form of delay.

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