Lawmakers at the Lagos State House of Assembly have passed the 2022 budget estimates of N1.758 trillion presented by Gov. Babajide Sanwo-Olu.
The budget entitled ‘Budget of Consolidation’ was passed on Wednesday evening at a sitting presided over by the Speaker, Mr Mudashiru Obasa, sequel to a presentation of the budget report by Mr Gbolahan Yishawu, Chairman, House Committee on Economic Planning and Budget.
Sanwo-Olu had on Nov. 24 presented a budget estimate of N1.388 trillion for the 2022 fiscal year.
Yishawu explained that there was a slight increase in the grand total from the initial N1.38 trillion to N1.758 trillion.
The lawmaker explained that the total budget size passed has an addition of left over from the previous allocations in the 2021 budget.
“The leftover was rolled into ‘contingency fund’ in the 2022 budget and this has also put the capital and recurrent expenditures ratio at 66:34.
`The recurrent expenditure is N591.28 billion while the capital expenditure is N1.167 trillion which brings the budget total size to N1,758 trillion,” he said.
Yishawu pointed out that all the loans and the bonds were already captured in the budget.