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.