The Lagos State House of Assembly, Wednesday night, it passed the 2022 budget estimate with a slight increase from the grand total of the initial N1.38 trillion to N1.758 trillion.
The budget was approved in a session chaired by the Speaker of the House, Mudashiru Obasa, after a presentation of the report by Gbolahan Yishawu, chairman of the Committee on Economic Planning and Budget.
Yishawu, after plenary, explained that the total size of the approved budget has the sum of the leftovers from previous allocations in the 2021 budget.
He said the leftovers were transferred to a ‘contingency fund’ in the 2022 budget.
It also put the capital and recurring expense ratio at 66:34.
While the recurring expense is N591,280,803,486tn, the Capital expense is N1,166,915,843,358trn, which brings the total budget size to N1,758,196,44,844trn.
According to him, ISPO loans, bonds and funds are captured in the budget that was approved.
Speaking after the budget was passed, Mr. Obasa thanked his colleagues for working assiduously to ensure that the appropriations bill passed.
As he wished them a happy New Year’s celebration, Mr. Obasa prayed that God would continue to protect Lagos.
He urged them to also remain mindful of their safety, as well as the safety of their neighbors.