Lagos Assembly passes N1.758trn 2022 ‘Budget of Consolidation’

*The Lagos State House of Assembly passes the 2022 Budget estimates of N1.758trillion, with the recurrent expenditure estimated at N591.280billion while capital expenditure is N1.166trillion

Emmanuel Akosile | ConsumerConnect

The Lagos State House of Assembly (LSHA) has passed the 2022 budget estimates.

ConsumerConnect reports the state legislators increased the next year’s budget from the initial N1.38trillion to N1,758,196,646,844trillion, which the House passed in evening of Wednesday, December 29, 2021, in the LSHA Complex, in Ikeja, the state capital.

The Lagos State lawmakers approved the 2022 Budget at a sitting Rt. Hon. Mudashiru Obasa, Speaker of the House, presided over following a presentation of the report by Hon. Gbolahan Yishawu, Chairman of the House Committee on Economic Planning and Budget.

Lagos State House of Assembly Complex

At the plenary, Hon. Yishawu was said to have explained that the total budget size passed is an addition of leftovers from previous allocations in the 2021 Budget.

The Chairman of the House Committee on Economic Planning and Budget also stated that the leftover was rolled into ‘contingency fund’ in the next year’s budget.

The House, he noted, projected the Capital and Recurrent Expenditure ratio at 66:34, in which the recurrent expenditure is N591.280billion, capital expenditure is N1.166trillion.

Also, the loans, bonds and ISPO funds were also captured in the budget that was passed, according to Yishawu.

Recall Governor Babajide Sanwo-Olu of Lagos State November 24, 2021, had presented a budget estimates of of ₦1,388,285,459,990.51trillion tagged, ‘Budget of Consolidation’, to the State House of Assembly.

Governor Sanwo-Olu while presenting the state budget had stated that, “2022 will be the final full year of Budget Implementation before the next general election in 2023.

“It is therefore an excellent opportunity for us to consolidate on what we have done so far, and ensure that every effort, every investment, every partnership, every policy, is translating maximally into noticeable positive impact in the lives of our people.”

Sanwo-Olu further noted: “This is necessary given the huge global changes that have come on us as a people and a nation.

“We must therefore continue to have a long-range view to our desired outcomes. This plan will therefore provide strategic direction and oversight for further growth and development in the State. This Year 2022 Budget is the next step on our journey to true and sustainable greatness in Lagos State.”

Meanwhile, Rt. Hon. Obasa, in his remarks after the budget passage commended the Joint Committee for the necessary scrutiny of the budget proposal 2022 of the government’s Ministries, Departments and Agencies (MDAs).

The House Speaker also directed Mr. Olalekan Onafeko, Acting Clerk of LSHA, to send a clean draft of the Appropriation Bill to Governor Sanwo-Olu for his assent into law.

Kindly Share This Story