The Lagos State House of Assembly passed the Y2022 budget estimate on Wednesday evening, with a slight increase in the grand total from N1.38 trillion to N1.758 trillion.
After a presentation of the report by Hon. Gbolahan Yishawu, head of the Committee on Economic Planning and Budget, the budget was passed at a sitting presided over by the Speaker of the House, Rt. Hon. (Dr) Mudashiru Obasa.
Following the plenary, Yishawu explained that the total budget size approved includes leftovers from previous allocations in the 2021 budget.
The remainder was wrapped into a ‘contingency fund’ in the Y2022 budget, he claimed.
He also calculated a 66:34 capital-to-recurrent-expenditure ratio.
The budget totals N1,758,196,44,844trn, with recurrent expenditures of N591,280,803,486bn and capital expenditures of N1.166,915,843,358trn.
The loans, bonds, and ISPO funds, he claims, are all included in the recently passed budget.
Speaking after the passage of the budget, Obasa appreciated his colleagues for their relentless assiduous effort to ensure that the appropriation bill was passed.
While wishing them a happy New Year celebration, Obasa prayed that God would continue to keep Lagos safe.
Source: Read more at freelanews.com
Ojelabi, the publisher of Freelanews, is an award winning and professionally trained mass communicator, who writes ruthlessly about pop culture, religion, politics and entertainment.
