The Lagos State House of Assembly passed the 2022 budget estimate on Wednesday evening, with a modest rise in the grand total from N1.38 trillion to N1.758 trillion.
After a presentation of the report by Chairman of the Committee on Economic Planning and Budget, Gbolahan Yishawu, the budget was passed at a House of Representatives session presided over by Speaker Mudashiru Obasa.
Following the plenary, Yishawu explained that the total budget size approved included leftovers from prior allocations in the 2021 budget.
The remainder, he claimed, was folded into a “contingency reserve” in the budget for 2022.
He also calculated a 66:34 capital-to-recurrent-expenditure ratio.
The budget totals N1,758,196,44,844trn, with recurrent expenditures of N591,280,803,486bn and capital expenditures of N1.166,915,843,358trn.
The loans, bonds, and ISPO funding, he claims, are all included in the recently passed budget.
Obasa praised his colleagues for working tirelessly to ensure that the appropriation bill was enacted after the budget was passed.
Obasa wished them a joyous New Year’s celebration and prayed that God would continue to protect Lagos.
He reminded them to be aware of their own safety as well as the safety of those around them.