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Sanwo-Olu signs 2022 Budget Of N1.76 Trn into law

By Gbenga Salau
01 January 2022   |   3:42 am
Lagos State Governor, Mr. Babajide Sanwo-Olu, yesterday, signed the 2020 appropriation bill of N1.758trn into law. Tagged ‘Budget of Consolidation’, Sanwo-Olu said about N591 billion

Commissioner for Economic Planning and Budget, Mr. Sam Egube (left); Lagos Deputy Governor, Dr. Obafemi Hamzat; Governor Babajide Sanwo-Olu; Chairman, Lagos House of Assembly Committee on Appropriation, Hon. Gbolahan Yishua and the Deputy Majority Leader, Hon. Noheem Adams during the signing of the 2022 Appropriation bill into law, at Lagos House, Alausa, Ikeja… yesterday

Lagos State Governor, Mr. Babajide Sanwo-Olu, yesterday, signed the 2020 appropriation bill of N1.758trn into law.

Tagged ‘Budget of Consolidation’, Sanwo-Olu said about N591 billion would be spent on recurrent expenditure, while N1.166 trillion would be expended on capital expenditure.

According to him, capital expenditure represents 66 per cent of the budget while recurrent expenditure takes 34 per cent of the budget estimate.

The governor said he was optimistic that the state would experience a stronger 2022. He also said he was excited about what 2022 could do for his administration in terms of project execution and the benefits that would accrue to the citizens.

He said the 2022 budget would help to further deepen his administration’s THEMES agenda.

The Chairman, House Committee on Appropriation, Gbolahan Yishawu, noted that the governor has a strong and hard-working team of commissioners and special advisers as they did not only do well in defending the spending of the 2021 budget but also the 2022 budget estimate.

Yishawu said the assembly was able to deliver the budget presented by Sanwo-Olu on November 24 five weeks after because the Speaker, Mudashiru Obasa, instructed the lawmakers to get to work and ensure the budget was delivered on time without compromising standards.