The Lagos Assembly approved a 1.7 trillion budget for 2022.

The Lagos Assembly approved a 1.7 trillion budget for 2022.

The Lagos Assembly approved a 1.7 trillion budget for 2022.

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

NewsReport learned that 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 explained that the total budget size-approved includes leftovers from previous allocations in the 2021 budget.

The remainder, he said, was rolled into a “contingency fund” in the budget for 2022.

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

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

According to him the loans, bonds, and ISPO funds are captured in the budget that was passed.

Speaking after the passage of the budget, Obasa thanked his colleagues for working assiduously to ensure that the appropriation bill was passed.

While wishing them a happy New Year celebration, Obasa prayed that God would continue to keep Lagos safe.

He urged them to also remain conscious of their safety as well as the safety of their neighbors.