By Olasunkanmi Akoni

The Lagos State House of Assembly on Wednesday evening, passed and approved the Year 2022 budget estimate with a slight upward review  of the total from the initial N1.38 trillion to N1.758 trillion.

Recall that Lagos State Governor, Bababjide Sanwo-Olu, had earlier, presented proposed 2022 Appropriation Bill of N1.38 trillion to the state House of Assembly for consideration and approval.

Meanwhile, the assembly, led by Speaker of the House, Mudashiru Obasa, after a presentation of the report by Gbolahan Yishawu, chairman of the Committee on Economic Planning and Budget, passed the bill for Governor Sanwo-Olu’s assent into a law.

Yishawu,  after the plenary, explained that the total budget size passed has addition of left overs from the previous allocations in the 2021 budget.

He said the leftover was rolled into ‘contingency fund’ in the Year 2022 budget.
Yishawu, also put the Capital and Recurrent Expenditure ratio at 66:34.

While the recurrent expenditure is N591,280,803,486bn, the Capital expenditure is N1.166,915,843,358trn, which brings the budget total size to N1,758,196,44,844trn.

According to him the loans, bonds and ISPO funds are captured in the budget that was passed.

Obasa m, in his reaction, commended his colleagues for working assiduously to ensure that the appropriation bill was ready for passage without any form of delay.
While wishing them a happy New Year celebration, Obasa prayed that God would continue to keep Lagos safe.

The speaker, also called on his colleagues and residents of the need to exercise caution and adherence to COVID-19 safety protocols, as well as the safety of their neighbours during and after Yuletide celebrations.