Sanwo-Olu signs Lagos State’s N1.758trn Appropriation Bill 2022 into law

*Governor Babajide Sanwo-Olu of Lagos State notes the 2022 Budget is to consolidate infrastructural development across the state in line with his administration’s T.H.E.M.E.S. developmental agenda to address issues on education, infrastructure, health, technology, social intervention, rail projects, and other critical areas

Isola Moses | ConsumerConnect

Governor Babajide Sanwo-Olu of Lagos State Friday, December 31, 2021, signed the state’s 2022 Appropriation Bill of N1.758trillion tagged, ‘Budget of Consolidation’ into law at the Lagos House, in Ikeja, the state capital.

ConsumerConnect reports Governor Sanwo-Olu at the signing the next year’s Appropriation Bill at said that the capital expenditure stands at N1.166trillion, representing 66 percent of the budget estimates.

The Lagos State Governor also noted that the recurrent expenditure is N591 billion, representing 34 percent, to maintain the 66:34 percent budget tradition of Lagos State.

In his remarks after signing the 2022 Budget into law, Sanwo-Olu disclosed that the  budget is to consolidate infrastructural development across the state in line with his administration’s T.H.E.M.E.S. developmental agenda.

According to him, his administration’s development agenda is designed to address issues in education, infrastructure, health, technology, social intervention, rail projects and other critical areas of the economy in the Centre of Excellence.

On the rationale behind the increase in the 2022 Appropriation Bill from the initial N1.388 trillion budget estimates presented to the Lagos State House of Assembly (LSHA)  November 24, 2021, the governor explained that there is a need to capture all financing options for the Blue and Red line rail projects and other ongoing projects in the ‘Budget of Consolidation’.

Rt. Hon. Mudasiru Obasa, Speaker, Lagos State House of Assembly

“Let me state at this juncture that the difference between the budget amount presented by the Executive and the final amount passed by the Legislature is largely accounted for by the decision to further accelerate already existing infrastructure projects and bring them to substantial levels of completion.

“We have also decided to capture in the Budget, the financing being deployed towards the Blue Line and the Red Line rail projects by private sector consortia, up to a level that will not put pressure on our cash flow and debt sustainability,” Sanwo-Olu stated.

The Lagos State Governor further said: “In addition, this 2022 Appropriation Bill recognises several other already-funded project transactions that are now being accounted for as corporate transactions.

“What this means is that we are now choosing to capture in the Budget the significant value already accruing to the State from these projects.

“As I said during the presentation to the House of Assembly, this will be the last full-year budget in the tenure of this administration. As a result, a major focus of this budget will be ensuring the completion of all ongoing projects that are critical to achieving our desire to build a Greater Lagos in line with the goals and objectives of the T.H.E.M.E.S development agenda.”

Also speaking on the occasion, Mr. Sam Egube, Honourable Commissioner for Economic Planning and Budget, said that the government would present the full details and breakdown of the budget to Lagosians in due course.

The Commissioner said that he was excited and grateful to all stakeholders for leading the process to the signing of the biggest state’s budget ever.

Sanwo-Olu, therefore, commended Rt. Hon. Mudasiru Obasa, Speaker of the Lagos State House of Assembly, and members of the Lagos State House of Assembly for their cooperation and support, especially in ensuring the quick consideration and passage of the 2022 Appropriation Bill.

The Governor equally appreciated Lagosians for their support towards ensuring the impressive performance in the implementation of the 2021 budget, against all odds, especially the continuous challenge posed by COVID 19.

Sanwo-Olu also stated: “I believe very strongly that we, working together, and with everyone doing their part diligently, will achieve much more in 2022.”

Earlier, Rt. Hon. Mudasiru Obasa, had noted that the LSHA had given the state budget expeditious approval with proper scrutiny within five weeks in order to ensure that all projects are executed.

The Speaker, represented by the Chairman of the Lagos State House of Assembly Committee on Appropriation, Hon. Gbolahan Yishawu, said the Babajide Sanwo-Olu administration is headed in the right direction in ensuring that infrastructural projects are put in place across the state in line with the administration’s T.H.E.M.E.S. development agenda.

Obasa as well applauded Sanwo-Olu for completing all the projects he inherited and providing funds for all the ongoing projects in different parts of the state.

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