The Lagos State House of Assembly has passed the 2022 budget estimate with a marginal increase of the grand total from the initial N1.38 trillion to N1.758 trillion.
The budget was passed into law at a sitting presided over by the Speaker of the House, Mudashiru Obasa, following a presentation of the report by Gbolahan Yishawu, chairman of the Committee on Economic Planning and Budget.
Mr Yishawu, after the plenary, stated that the total budget size passed include the addition of spillovers from the previous allocations in the 2021 budget.
He said the leftover was rolled into a ‘contingency fund’ in the Year 2022 budget, adding that
the Capital and Recurrent Expenditure ratio at 66:34 was also added.
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.
Speaking after the passage of the budget, Mr Obasa expressed gratitude to his colleagues for working tirelessly to ensure that the appropriation bill was passed.