Lagos state Governor Babajide Sanwo-Olu has presented a budget proposal of ₦1.4 trillion naira approximately for the 2022 fiscal year to the state House of Assembly for approval.
Sanwo-Olu, while presenting the budget, Christened “Budget of consolidation and to the state Assembly in Alausa, showed an increase of N138 billion over that of 2021 approved budget of N1.25 trillion
He said the recurrent expenditure is forty-one percent which would be 564.63 billion naira while the capital expenditure is fifty nine percent which would be 823.35 billion Naira.
The Governor while reviewing the year 2021 budget performance, christened budget of rekindled hope, he said there was an increase in the Internal Generated Revenue and even with the Covid 19 pandemic the state has been able to promote economic growth through infrastructure renewal, provide health care facilities, housing schemes, Education, urban regeneration, expand knowledge acquisition in technology, youths empowerment, ensure security of lives and property, made financial progression, among others.
Laying the year twenty twenty two budget estimates before the House, Governor Sanwo-Olu however appealed to the people for the inconvinencies caused by the constructions in the state thanking them and the house supporting his administration in delivering the dividend of democracy.
Meanwhile, The Speaker of the State House of Assembly, MUDASHIRU AJAYI OBASA, urged the Governor, Mr. Babajide Sanwo-Olu, to work more on policies to bring more dividends of democracy to the people of the State.
Speaking after the presentation by the Governor, Obasa who passed a vote of confidence on Mr. Sanwo-Olu for the achievements of the current administration, said the dividends still need to get to the grassroots.
The Speaker also called on the administration of President Muhammadu Buhari to rejig the economy of Nigeria to reduce unemployment, insecurity and poverty. OBASA 24NOV21
He assured him of speedy consideration of the Appropriation Bill.