Capital expenditure gets N823.5bn, as Sanwo-Olu presents N1.4trn 2022 Lagos budget

By OLASUNKANMI AKONI

Lagos State Governor, Mr. Bababjide Sanwo-Olu, on Wednesday, presented 2022 Appropriation Bill of over N1.388 trillion before members of the State House of Assembly for consideration and approval.

Governor Sanwo-Olu presented the proposed budget size of N1.388,375,930,585, and tagged it “Consolidation”.

The 2022 budget proposal has N564.9 billion for recurrent expenditure and capital expenditure of N823.5 billion, at a well-attended event in Alausa, Ikeja.

The budget presentation was initially scheduled for November 17, but was rescheduled.

The 2022 budget estimates is a bit higher than that of the outgoing year, 2021 of N1.163 trillion.

Recall that the governor, had on November 10, 2020, presented year 2021 budget estimates of ₦1.155 trillion, christened: Budget of Rekindled Hope,” to be funded through projected total revenue of ₦962,528 billion before members of the state House of Assembly.

Instructively, the state House of Assembly, subsequently, in its considerations increased the budget size to N1.163 trillion.

The budget has a Capital Expenditure of N702.9billion and a Recurrent Expenditure of N460.6billion which stands at a ratio of 60 to 40 per cent.

Sanwo-Olu, later, signed the year 2021 budget into law on December 31, 2020.

Speaking at the budget presentation, Sanwo-Olu at the Assembly Complex, said it was intended to reflect the determination to rise above the challenges that had affected the development indices in the last 10 months, occasioned by COVID-19 pandemic challenges.

“As well as demonstrate the willingness to overcome all obstacles and deliver all electoral promises to Lagosians, the Y2021 budget will reflect the continued execution of the THEMES,” the governor stated.

He added that the presentation of the 2022 budget was to allow for consolidation of the gains recorded by the government over the years. (Vanguard)