Governor Babajide Sanwo-Olu of Lagos State on Friday signed the 2022 Appropriation Bill of N1.758 trillion into law.
The budget, titled Budget of Consolidation, was signed by about 48 hours after it was passed by the state House of Assembly.
Sanwo-Olu had in November 2021 presented a proposed budget size of N1.388 trillion to the Assembly for approval for the 2022 fiscal year, but the lawmakers on Wednesday passed a budget size of N1.758 trillion, showing an increase from the initial proposal.
He said the budget size, increased to N1.758 trillion, comprised of capital expenditure of N1.166trn (66 per cent) and recurrent expenditure of N591bn (34 per cent).
He also said the difference in the budget size followed the agreement to capture all the financing options the state had deployed for the blue line and red line projects, which it has raised sufficient funding for, and to be able to put up a level that would not put pressure on the state’s cash flow and debt sustainability.
“We see a stronger 2022 and we believe that it will further consolidate all that we have started in the area of education, health, poverty alleviation, rail, job employment, technology and social intervention, among others, so as to bring the real dividend of democracy to the people,” Sanwo-Olu said.
