FRCN HQ
Headline Local News

Gov Sanwo-Olu signs N1.75tr 2022 budget into law

Governor Babajide Sanwo-Olu signing N1.75tr 2022 budget into law

The Governor of Lagos State, Babajide Sanwo-Olu has signed the one-point-seven-five-eight trillion naira appropriation bill into law as the State budget for the year 2022.

Capital Expenditure in the budget is N1, 166, 915, 843, 358, while the Recurrent Expenditure is N591, N280, N803, N486 with the capital to recurrent ratio standing at 66:34.

At the Lagos House, Alausa Ikeja, Governor Sanwo-Olu said the budget christened “Budget of Consolidation” is expected to consolidate on the programmes in the THEMES Developmental Agenda in Education, Infrastructure, Health, Rail, Technology, Social Intervention, Sustainable Development Goals, and other critical areas.

Governor Sanwo-Olu attributed the difference between the one point four trillion naira appropriation bill presented to the Assembly on November 24 and the signed budget to further accelerate the completion of ongoing infrastructure projects.

It also captured all financing options for the Blue and Red Line Rail projects without putting pressure on cash flow and Debt sustainability.

“This 2022 Appropriation Bill recognizes several other already-funded project transactions that are now being accounted for as corporate transactions. What this means is that we are now choosing to capture in the Budget the significant value already accruing to the State from these projects” the Governor said.

Chairman, House Committee on Appropriation, Mr Gbolahan Yishawu who represented the Speaker of the State Assembly, Chief Mudashiru Obasa said that the budget was given expeditious approval within five weeks to ensure the speedy execution of all listed projects.

“I must thank Mr Governor that all outstanding projects that he met, he completed them and for new projects that he is starting, he is funding them to ensure that they are completed in 2022” Mr Yishawu stated.

The Commissioner for Economic Planning and Budget, Mr Sam Egube who described the budgeting process as a fellowship for the good people of Lagos State.

“We are excited to take on this audacity of executing a one point seven five trillion naira budget on behalf of the people of Lagos in infrastructure projects, humanitarian intervention, bespoke financing strategy to deliver for all of us, what our aspirations have always been” Egube stated.

Mr Egube expressed appreciation to all Lagosian who participated in the budgeting process.

Reporting by Omolara Omosanya; editing by Adeniyi Bakare