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Lagos assembly okays ₦1.7 trillion 2022 budget

The budget's capital expenditure takes 66 percent as the budget size increases from an initial ₦1.3tn to ₦1.7tn.
Mudashiru-Obasa

LAGOS State House of Assembly passed the 2022 budget estimates of ₦1.758 trillion presented by Governor Babajide Sanwo-Olu on Wednesday, December 29, 2021. 

The budget, themed 'Budget of Consolidation', was approved on Wednesday evening at a House of Assembly sitting presided over by the Speaker, Mr. Mudashiru Obasa. 

Governor Sanwo-Olu had initially presented a budget estimate of ₦1.388 trillion on November 24th, but there was an increase in the grand total from the initial ₦1.38 trillion to ₦1.758 trillion. 

The total 2022 budget passed also includes an addition of leftover from the previous allocations in the 2021 budget. 

“The leftover was rolled into ‘contingency fund’ in the 2022 budget and this has also put the capital and recurrent expenditures ratio at 66:34. 

“The recurrent expenditure is ₦591.28 billion while the capital expenditure is ₦1.167 trillion which brings the budget total size to ₦1,758 trillion.” Mr. Yishawu, a member who chairs the house committee on budget planning, said. 

The Speaker of the House, Mr. Obasa, thanked his colleagues for working diligently to ensure that the appropriation bill was passed in time. 

A clean copy of the passed budget will be sent to Governor Babajide Sanwo-Olu for his executive approval.