The Lagos State House of Assembly on Monday passed a N1,768,014,155,285 as the proposed budget for 2023
A breakdown of the passed Appropriation Bill indicated that the sum of N748,096,508,571 was proposed as recurrent expenditure and N1,019,917,646,713 as capital expenditure for the 2023 fiscal year.
A further analysis of the figures as they relate to sectoral allocations showed that N3,228,396,960 was approved as the new Overhead Cost of the Office of Civic Engagement for drug abuse advocacy while
N802,987,206 was approved as the new capital expenditure of the Ministry of Economic Planning & Budget.
Also, the lawmakers approved N1,200,000,000 as the new overhead cost (Social Intervention and Humanitarian Programme) in the Ministry of Economic Planning and Budget.
Commenting on the passage of the Appropriation Bill, the Speaker of the House of Assembly, Hon. Mudashiru Obasa, thanked his colleague lawmakers for their collective sacrifice and the swiftness with which the Appropriation Bill was handled.
According to him, the passion with which the lawmakers deliberated through the stages of the passage of the bill attested to their love for the progress of Lagos State.
Obasa expressed optimism that Lagos State residents would be satisfied with the way the lawmakers handled the fiscal document and passed it for the governor’s assent.
The State Governor, Mr. Babajide Sanwo-Olu, had in October presented the Appropriation Bill for the sum of N1.69 trillion tagged ‘Budget of Continuity’ to the Legislature for consideration and passage.
In his remarks after the laying of the Bill by the governor before the lawmakers, Obasa had advised the Executive that the 2023 budget “should have more human face, be targeted at reducing poverty and improving the welfare of the residents of the state as part of the THEMES agenda of the administration.”
