The Lagos State House of Assembly on Wednesday evening passed the 2022 budget estimate with a slight increase of the grand total from the initial N1.38 trillion to N1.758 trillion.
The budget was passed at a sitting presided over 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 the plenary, explained that the total budget size passed has the addition of leftovers from the previous allocations in the 2021 budget.
Read also: Cross River State Assembly increases budget size to correct shortfalls
He said the leftover was rolled into a ‘contingency fund’ in the year 2022 budget.
He also put the Capital and Recurrent Expenditure ratio at 66:34.
While the recurrent expenditure is N591,280,803,486 billion, the Capital expenditure is N1.166,915,843,358 trillion, which brings the budget total size to N1,758,196,44,844 trillion.
According to him the loans, bonds, and ISPO funds are captured in the budget that was passed.
Speaking after the passage of the budget, Obasa commended his colleagues for working assiduously to ensure that the appropriation bill was passed.
He urged them to also remain conscious of their safety as well as the safety of their neighbours.
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