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Sanwo-Olu signs Lagos 2022 budget of N1.758tr

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The Lagos State Governor, Babajide Sanwo-Olu on Friday signed the state’s 2022 budget of N1.758 trillion into law.

Sanwo-Olu, who signed the budget at the Lagos House in Alausa, Ikeja, said the increase in this year’s appropriation bill followed the resolve by the state House of Assembly and Executive to explore all financing options for the Blue and Red Line rail project and other capital projects in the state.

He said: “This budget represents 66 percent capital expenditure and 34 percent recurrent expenditure. Through this, we are creating significant value for our people and we are assuring you of a stronger 2022.

READ ALSO:LAGOS BUDGET: Assembly insists Ambode must do the right thing

“We are excited with what we can do for our people and we believe it will further consolidate our efforts in all areas. We’ll see greater impacts and real dividends to the people.”

The Assembly passes the budget on December 29.

In the budget, the sum of N591.2 billion was earmarked for recurrent expenditure and N1.66 trillion for capital spending.

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