Sanwo-Olu Assents To N1.758tr Budget For 2022

Lagos State Governor Babajide Sanwo-Olu has signed the 2022 appropriation bill into law.

Recall that on Wednesday, the House of Assembly, passed the budget estimate, with an increase from the initial N1.38 trillion to N1.758 trillion.

Sanwo-Olu said the increase was because the House of Assembly and Executive agreed to capture all financing options for the Blue and Red Line rail project, as well as other capital projects, without putting pressure on the cash flow and debt sustainability.

According to him, “This budget represents 66 per cent capital expenditure and 34 per cent recurrent expenditure. Through this, we are creating significant value for our people and we are assuring you of a stronger 2022.

“We are excited with what we can do for our people and we believe it will further consolidate our efforts in all areas. We’ll see greater impacts and real dividends to the people.”

Commissioner for Economic Planning and Budget Sam Egube noted that the budget was the outcome of a shared vision of the legislature and executive to ensure the growth and development of Lagos and its people.