Sanwo-Olu Signs N1.758trn 2022 Budget Into Law

The State House of Assembly, on Wednesday, passed the budget estimate, Christened: “Budget of Consolidation, with an increase from the initial N1.38 trillion to N1.758 trillion.

Governor Sanwo-Olu, assented to the bill at the State House, Ikeja, Lagos. 

He said the increase was because the House of Assembly and Executive agreed to capture all financing options for the  Blue and Red Line rail projects, as well as other capital projects, without putting pressure on the cash flow and debt sustainability.

According to him, The 2022 Budget represents 66 per cent capital expenditure and 34 per cent recurrent expenditure, saying that the state government, through it, would be creating significant value for the people and assuring them of a stronger 2022.

“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,” the governor said.

The State Commissioner for Economic Planning and Budget, Mr Sam Egube, in his remark, noted that the budget was the outcome of a shared vision of both the legislature and executive to ensure the growth and development of Lagos and its people.

Chairman, House Committee on Economic Planning and Budget, Hon. Gbolahan Yishawu, said the appropriation bill was passed in five weeks without compromising the level of scrutiny, maintaining that the lawmakers were 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 was planned to complete all projects, including those to be initiated in 2022.

Governor Babajide Sanwo-Olu, on November 24, presented for passage a budget estimates of ₦1,388,285,459,990.51 trillion, tagged: “Budget of Consolidation” to the State House of Assembly.