Lagos State Governor Babajide Sanwo-Olu on Friday signed the 2022 appropriation bill into law.
The House of Assembly, on Wednesday, passed the budget estimate, with an increase from the initial N1.38 trillion to N1.758 trillion.
He said the increase was because the House of Assembly and Executive agreed to capture all financing options for the Blue and Red Line rail project, as well as other capital projects, without putting pressure on the cash flow and debt sustainability.
He added: “This budget represents 66 per cent capital expenditure and 34 per cent 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.”
Commissioner for Economic Planning and Budget Sam Egube noted that the budget was the outcome of a shared vision of the legislature and executive to ensure the growth and development of Lagos and its people.
Chairman of the House Committee on Economic Planning and Budget Gbolahan Yishawu noted that the appropriation bill was passed in five weeks without compromising the level of scrutiny because the lawmakers are committed to the THEMES agenda of the Sanwo-Olu led administration.
He hailed Sanwo-Olu for completing outstanding projects he inherited, adding that the budget plans to complete all projects, even those to be initiated in 2022.
Sanwo-Olu, on November 24, presented budget estimates of N1,388,285,459,990.51 to the House.
He called it the ‘Budget of Consolidation.
The Nation
