Capital Expenditure Gets N823.5bn, As Sanwo-Olu Presents N1.4trn 2022 Budget

Lagos State Governor, Mr. Bababjide Sanwo-Olu, has concluded plans to present over N1.374 trillion Year 2022 Appropriation Bill before members of the State House of Assembly on Wednesday, November 24, 2021, at Alausa, Ikeja.

The budget presentation was initially scheduled for November 17, but was rescheduled due to some circumstances.

Sanwo-Olu, is scheduled to present the budget estimates before the lawmakers for consideration and approval in line with provisions of the constitution.

The event is expected to kick off by 11.am, at the state Assembly Complex, Alausa, Ikeja, with members of the state executive council in attendance.

The 2022 budget estimates is a bit higher than that of the outgoing year, 2021 of N1.163 trillion.

Recall that the governor, had on November 10, 2020, presented Year 2021 budget estimates of ₦1.155 trillion, christened: Budget of Rekindled Hope,” to be funded through projected total revenue of ₦962,528 billion before members of the state House of Assembly.

Instructively, the state House of Assembly, subsequently, in its considerations increased the budget size to N1.163 trillion.

The budget has a Capital Expenditure of N702.9billion and a Recurrent Expenditure of N460.6billion which stands at a ratio of 60 to 40 per cent.

Sanwo-Olu, later, signed the year 2021 budget into law on December 31, 2020.

Speaking at the presentation of the 2021 Budget, Sanwo-Olu said it was intended to reflect the determination to rise above the challenges that had affected the development indices in the last 10 months, ocassioned by COVID-19 pandemic challenges.

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“As well as demonstrate the willingness to overcome all obstacles and deliver all electoral promises to Lagosians; stating that the Y2021 budget will reflect the continued execution of the THEMES,” the governor stated.

Meanwhile, the new date was announced on Monday, by the Leader of the House, Sanai Agunbiade, at a sitting presided over by the Speaker, Dr. Mudashiru Obasa.

A letter from the Governor to the lawmakers announcing his plan to present the budget was read by the acting Clerk of the House, Mr. Olalekan Onafeko.

The proposed budget size showed N1.374,375,930,585.

In the letter, the Governor thanked the lawmakers for their constant support and the timely approval of the 2021 budget.

He added that the presentation of the 2022 budget was to allow for continuity of the gains recorded by the government over the years.

Also, at the sitting, the lawmakers passed the bill for a law to establish Lagos State fire and rescue service and for connected purposes as well as the bill creating the Lagos State University of Science and Technology

Vanguard.

Post Author: Friday Ekeoba