Sanwo-Olu signs ₦1.75trn 2022 budget into law [VIDEO]

Earlier today December 31, 2021, Lagos State Governor, Babajide Sanwo-Olu officially signed the 2022 Appropriation Bill of N1.75 trillion into law, Top Naija reports.

The Budget is Christened: “Budget of Consolidation”.

Governor Sanwo-Olu assented to the bill at the State House, Ikeja, Lagos, Southwest Nigeria.

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

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

Yishawu, after the plenary, explained that the total budget size passed has addition of left overs from the previous allocations in the 2021 budget.

He said the leftover was rolled into ‘contingency fund’ in the Y2022 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.

Sanwo-Olu won the Lagos gubernatorial primaries of the All Progressives Congress (APC) on 2 October 2018. At the APC flag-off campaign rally held on 8 January 2019, Governor of Lagos, Akinwunmi Ambode, and 63 political parties lent their support for the candidacy of Babajide Sanwo-Olu.

In a landslide victory over his opponent, Jimi Agbaje, Sanwo-Olu was elected to the Office of Governor of Lagos State at the 2019 General elections for Lagos State which were held on 9 March 2019. He was sworn in as the 15th Governor of Lagos State at the Tafawa Balewa Square (TBS) Lagos Island on Wednesday, May 29, 2019.