BREAKING NEWS: The Lagos Assembly has approved a N1.7 trillion budget for 2022

The Lagos State House of Assembly cleared the 2022 budget estimate on Wednesday evening, with a modest rise in the grand total from N1.38 trillion to N1.758 trillion.

After a presentation of the report by Chairman of the Committee on Economic Planning

{loadposition user99}

The Lagos State House of Assembly cleared the 2022 budget estimate on Wednesday evening, with a modest rise in the grand total from N1.38 trillion to N1.758 trillion.

After a presentation of the report by Chairman of the Committee on Economic Planning and Budget, Gbolahan Yishawu, the budget was passed at a House of Representatives session presided over by Speaker Mudashiru Obasa.

Following the plenary, Yishawu highlighted that the overall budget amount approved included leftovers from prior allocations in the 2021 budget.

The remainder, he claimed, was folded into a "contingency reserve" in the budget for 2022.

He also calculated a 66:34 capital-to-recurrent-expenditure ratio.

The budget totals N1,758,196,44,844trn, including recurrent expenditures of N591,280,803,486bn and capital expenditures of N1.166,915,843,358trn.

The loans, bonds, and ISPO funding, he claims, are all included in the recently enacted budget.

Obasa praised his colleagues for working tirelessly to ensure that the appropriation bill was enacted after the budget was passed.

Obasa wished them a joyous New Year's celebration and hoped that God would continue to protect Lagos.

He reminded them to be aware of their own safety as well as the safety of others around them.