Lagos Assembly passes N1.7trn for 2022

The Lagos State House of Assembly has passed the Appropriation Bill of ₦1,758,196,646,844 trillion for 2022.

The estimates which have the Recurrent Expenditure of ₦591,280,803,486billion from the Consolidated Revenue Fund and Capital Expenditure of ₦1,166,915,843,358 trillion from the Development Fund was presented on Wednesday, 24th of November, 2021 by the State Governor, Mr. Babajide Sanwo-Olu to the House for approval.

The passage of the Bill on Wednesday evening was sequel to the consideration of a report presented by the Chairman, Joint Committee of Appropriation, Gbolahan Yishawu on the floor of the House.

Yishawu explained that the budget size for next year was carefully made and that the Capital and Recurrent Expenditure ratio was put at 66:34.

He further explained that the increment of the total budget size passed was because it has an addition of leftovers from the previous allocations in the 2021 budget.

According to him, the leftover was rolled into a ‘contingency fund’ that was added to the Y2022 budget for the state.

He added the loans, bonds, and ISPO funds were captured in the budget that was passed by the lawmakers for next year.