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Lagos Assembly Passes N1.7tn Budget For 2022, As Dapo Abiodun Signs Into Law Ogun State’s 2022 Budget

Olusola Bello 

The Lagos State House of Assembly on Wednesday passed the year 2022 budget estimate with a slight increase of the total budgetary proposal from the initial N1.38 trillion to N1.758 trillion.

Chairman of the Committee on Economic Planning and Budget, Gbolahan Yishawu, presentation of the report a sitting presided over by the Speaker of the House, Mudashiru Obasa, after which the budget was passed.

The committee chairman after the plenary explained that the total budget size passed has the addition of leftovers from the previous allocations in the 2021 budget.

He said the leftover was rolled into a ‘contingency fund’ in the year 2022 budget.

He also put the Capital and Recurrent Expenditure ratio at 66:34.

While the recurrent expenditure is N591,280,803,486bn, the Capital expenditure is N1.166,915,843,358trn, which brings the budget total size to N1,758,196,44,844trn.

According to him the loans, bonds and ISPO funds are captured in the budget that was passed.

Speaking after the passage of the budget, Obasa thanked his colleagues for working assiduously to ensure that the appropriation bill was passed.

Meanwhile, Ogun State governor, Prince Dapo Abiodun has signed into law the state’s appropriation bill.

A statement by the governor’s chief press secretary, Kunle Somorin said, the State House of Assembly had earlier in the day passed the exact figure of N350,735,149,739.57 contained in the State’s 2022 budget with adjustments in some recurrent and or capital estimates of about 182 agencies.

Passage of the budget came barely a month after its presentation by the State Governor, Prince Dapo Abiodun to the State House of Assembly

The bill was titled: “H.B. No. 075/OG/2021-Year 2022 Appropriation Law – A Bill for a Law for the Appropriation of the Sum of One Hundred and Seventy-Two Billion, Nine Hundred and Ninety-Seven Million, Three and Eighty Two Thousand, Two Hundred and Seventy-Five Naira, Twenty-One Kobo Only for Recurrent Expenditure, (Including the Sum of Nineteen Billion, Two Hundred and Twelve Million, Eight Hundred and Two Thousand, Four Hundred and Fifty-Seven Naira, Ninety-Nine Kobo Only For Servicing of Pensions and Gratuities) and One Hundred and Seventy-Seven Billion, Seven Hundred and Thirty-Seven Million, Seven Hundred and Sixty-Seven Thousand, Four Hundred and Sixty-Four Naira, Thirty-Six Kobo Only For Capital Expenditure For Service of Ogun State Government, Nigeria for the Financial Year Ending Thirty-First Day of December, Two Thousand And Twenty-Two”.

 The passage of the bill was consequent upon the presentation of the report of the House Committee on Finance and Appropriation by its Chairman, Olakunle Sobunkanla, who thereafter moved the motion for its adoption, seconded by his Vice, Ganiyu Oyedeji and The appropriation bill was later read and adopted clause-by-clause by the Committee of the House presided by the Speaker, Rt. Hon. Olakunle Oluomo at a plenary held at the Assembly Complex, Oke-Mosan, Abeokuta.

The Assembly in the course of legislative process on the appropriation bill, carried out slight adjustments in the recurrent expenditures of about 144 agencies, just as the capital expenditures of 38 other agencies were equally adjusted.

The adjustments led to reduction in the total recurrent expenditure from the initial N172.997bn to N153.180bn resulting in N19.816bn decrease, while capital expenditure was increased from N177.737bn to N197.554bn giving an increment of N19.816bn

Signing the bill at his Oke Mosan office, Governor Abiodun thanked the members of House led by Olakunle Oluomo, for the speedy, but thorough passing of the bill.

He assured that his administration would put machinery in place to ensure optimum performance of the budget

Abiodun further said his administration would continue to espouse projects that would affect the state’s socio-economic activities positively.

The governor, however, urged the House to continue giving the incumbent government in the state its support so that it could continue to deliver on its electoral promises.

 
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