Connect with us

Hi, what are you looking for?

Politics

Lagos Assembly Passes N1.758trn Budget for 2022

The Lagos State House of Assembly on Wednesday evening passed the Y2022 budget estimate with a slight increase of the grand total from the initial N1.38 trillion to N1.758 trillion.

The budget was passed at a sitting presided over by the Speaker of the House, Rt. Hon. (Dr) Mudashiru Obasa, after a presentation of the report by Hon. Gbolahan Yishawu, chairman of the Committee on Economic Planning and Budget.

Yishawu, after the plenary, explained that the total budget size passed has addition of left overs from the previous allocations in the 2021 budget.

He said the leftover was rolled into ‘contingency fund’ in the Y2022 budget.

He also put the Capital and Recurrent Expenditure ratio at 66:34.

While the recurrent expenditure is N591,280,803,486bn, the Capital expenditure is N1.166,915,843,358trn, which brings the budget total size to N1,758,196,44,844trn.

According to him the loans, bonds and ISPO funds are captured in the budget that was passed.

Speaking after the passage of the budget, Obasa thanked his colleagues for working assiduously 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.

He urged them to also remain conscious of their safety as well as the safety of their neighbours.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

ad

You May Also Like

Tech

Seven families in France have launched legal proceedings against TikTok, accusing the social media platform of exposing their teenage children to harmful content, allegedly...

News

MTN Nigeria has received a “Media Capacity Development Support Award” for its immense contributions towards the growth and development of media practitioners across Nigeria....

News

Equatorial Guinea’s financial crime chief, Baltasar Ebang Engonga, head of the National Agency for Financial Investigation (ANIF), finds himself at the center of a...

Tech

Airlines around the world strive to ensure a seamless and convenient travel experience for millions of passengers. However, behind the scenes, these businesses grapple...