The Lagos state governor, Mr. Babajide Sanwo-Olu, on Friday signed the 2023 appropriation bill of N1.76 trillion into law at the State House, Ikeja.
Sanwo-Olu said the budget tagged budget of continuity was to complete all on-going projects in different parts of the state.
It would be recalled that on October 27, 2022, Sanwo-Olu presented a N1.692 trillion to the state assembly, which was passed on December 12, 2022, by the lawmakers. The assembly, however, raised the approved budget by N76b to N1.768 trillion.
The governor, while presenting the budget to the state assembly, said the state government is expecting a total of N1.342 trillion revenue to fund the budget.
A breakdown of the approved budget size showed that the sum of N748 billion was allocated as recurrent expenditure and N1 trillion as capital expenditure for the year ending December 31, 2023.
A closer look at the estimates passed by the Assembly revealed that the recurrent expenditure was reduced by N9 billion, while the capital expenditure was increased by N68 billion.
Speaking after signing the budget, Sanwo-Olu, who said N1.09 trillion of the budget would be for capital expenditure, N748 billion is for recurrent expenditure, thanked the leadership of the House for its “timely consideration of the budget and making the process through a rigorous exercise.”