The Lagos State House of Assembly has passed a total budget of ₦1,768,014,155,285 for the 2023 financial year with the Speaker, Mudashiru Obasa, thanking the lawmakers for their collective sacrifice and the swiftness with which the Appropriation Bill was handled.
This was made known in a statement released on Monday by Eromosele Ebhomele, the Chief Press Secretary to the Speaker of the Lagos State House of Assembly.
A breakdown of the approved budget outlay shows the sum of N748,096,508,571 as Recurrent expenditure and N1,019,917,646,713 as Capital expenditure for the year ending 31st December, 2023.
A part of the breakdown for the sectoral allocations also shows that N3,228,396,960 was approved as the new Overhead Cost of the Office of Civic Engagement for drug abuse advocacy.
The sum of N802,987,206 was approved as the new Capital Expenditure of the Ministry of Economic Planning & Budget while N1,200,000,000 was approved as the new Overhead Cost (Social Intervention and Humanitarian Programme) in the Ministry of Economic Planning and Budget.
Speaker Obasa, who presided over the plenary, said the passion with which the lawmakers processed the bill for passage showed their love for the progress of Lagos State.
He also expressed hope that residents of the State would show their satisfaction with the lawmakers and the All Progressives Congress (APC) by voting for candidates of the party in Lagos and at the centre during the forthcoming election.
Governor Babajide Sanwo-Olu had in October presented the sum of N1.69 trillion ‘Budget of Continuity’ to the House.
While receiving the proposal from the Governor, Obasa had urged 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.”