The Lagos State House of Assembly on Wednesday passed the 2022 budget estimate.
The lawmakers increased it from the initial N1.38 trillion to N1.758 trillion.
The budget was passed at a sitting presided over by the Speaker, Mudashiru Obasa, after a presentation of the report by Chairman of the House Committee on Economic Planning and Budget Gbolahan Yishawu.
Yishawu, after the plenary, explained that the total budget size passed is an addition of leftovers from previous allocations in the 2021 budget.
He said the leftover was rolled into ‘contingency fund’ in the 2022 budget.
The lawmaker also put the Capital and Recurrent expenditure ratio at 66:34
While the recurrent expenditure is N591,280 billion, capital expenditure is N1.166 trillion.
He added that the loans, bonds and ISPO funds were also captured in the budget that was passed.
Governor Babajide Sanwo-Olu, on November 24, presented a budget estimates of of ₦1,388,285,459,990.51 trillion to the House of Assembly.
He called it the ‘Budget of Consolidation’.
