Contact to us

creekvibes… best design news magazine in Lagos.

Mobile or watsapp: 08144076201, PR, Damage Control, News Circulation

Lagos Assembly passes N1.758tr for 2022 budget

Sanwo Olu

The Lagos State House of Assembly on Wednesday evening passed the sum of N1.758 trillion stipulated for the 2022 budget.

Creekvibes News Magazine recalls that Bababjide Sanwo-Olu, the executive governor of Lagos State presented the 2022 Appropriation Bill of N1.38 trillion to the Assembly on November 24, 2021.

The lawmakers passed the budget after adopting the report of the House Committee on Economic Planning and Budget presented by its Chairman, Gbolahan Yishawu, at the plenary.

Yishawu said the total budget size included leftovers from the previous allocations in the 2021 budget.

He added that the leftovers were rolled into a “contingency fund” in the 2022 budget.

He also put the capital and recurrent expenditure ratio at 66:34.

The recurrent expenditure was pegged at N591.2 billion while N1.166 trillion was set aside for capital expenditure, bringing the total budget size to N1.758 trillion.

Yishawu noted that loans, bonds, and ISPO funds are captured in the budget.

The Speaker of the Assembly, Mudashiru Obasa, commended his colleagues for ensuring that the budget was ready for passage without any form of delay.