LAGOS State Governor, Babajide Sanwo-Olu, signed the state’s 2022 budget of ₦1.758 trillion into law on Friday, December 31st, 2021.
Mr. Sanwo-Olu signed the budget at the Lagos House in Alausa, Ikeja, and disclosed the increase in the 2022 appropriation bill is in line with the determination of both the state House of Assembly and Executive to look at all financing options for capital projects in the state such as the Blue and Red Line rail project.
“This budget represents 66 percent capital expenditure and 34 percent recurrent expenditure. Through this, we are creating significant value for our people and we are assuring you of a stronger 2022.
“We are excited with what we can do for our people and we believe it will further consolidate our efforts in all areas. We’ll see greater impacts and real dividends to the people.” Governor Sanwo-Olu said.
The Assembly passed the budget on Thursday, December 29, 2021.
The sum of ₦591.2 billion is alloted for recurrent expenditure, while ₦1.66 trillion is earmarked for capital spending. The governor’s seal of approval is the final approval in the budget preparation process.