The Lagos State House of Assembly has approved Governor Babajide Sanwo-budget Olu’s for 2022.
The total sum increased from N1.388 trillion to N1.758 trillion.
After a report by Gbolahan Yishawu, Chairman, Committee on Economic Planning and Budget, the budget was passed at a session led by Speaker Mudashiru Obasa.
The estimate, according to Yishawu, includes leftovers from previous allocations in the 2021 budget.
The funds were rolled into the ‘Contingency Fund’ in the 2022 budget, according to the lawmaker. The capital-to-recurrent-expense ratio is currently 66:34.
N591,280,803,486, while the Capital is N1,166,915,843,358, for a total of N1,758,196,44,844.
Loans, bonds, and ISPO funds are all included in the new budget, according to the legislature.
Obasa thanked his colleagues for working tirelessly to ensure that the appropriation bill was passed in his remarks.
The Speaker wished Nigerians a joyous New Year and prayed that God would protect Lagos and the country.