By Lukman Olabiyi
Lagos State Governor Babajide Sanwo-Olu has signed the 2022 appropriation bill into law.
The State House of Assembly, had on Wednesday, passed the budget estimate, with an increase from the initial N1.38 trillion to N1.758 trillion.
Governor Sanwo-Olu said the appropriation bill, christened “Budget of Consolidation’, was historic and targeted to consolidate on infrastructural development across the state.
He disclosed that the increase in the budget 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.
Sanwo-Olu 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.
Governor Babajide Sanwo-Olu, on November 24, presented a budget estimate of ₦1,388,285,459,990.51 trillion to the House of Assembly. He called it the ‘Budget of Consolidation’.