The Lagos State House of Assembly has passed the state’s 2020 Appropriation Bill of N1.168 trillion.
The budget passage followed the presentation of a report by the joint committee of the House on Appropriation and Finance on by the Chairman of the House Committee on Budget and Economic Planning, Gbolahan Yishawu.
The budget was passed on Monday through a voice vote supervised by the Speaker of the House, Mudashiru Obasa.
The lawmakers had earlier approved the 78 amendments in the appropriation bill recommended by the joint committees of the House.
Budget approved by the Lagos Assembly contained N451, 528, 914, 805 from the Consolidated Revenue fund as the recurrent expenditure and N711, 032, 979, 185 from Development Fund as the total capital expenditure.
Governor Babajide Sanwo-Olu had on November 8 presented a budget proposal of N1.168 trillion to the Assembly.
The total budget for the year ending 31st December, 2020 is now N1.168, 561, 893, 990 as against N1.168, 562 proposed by the Governor.
The proposed budget is to be funded by a projected Total Revenue of N1.071 trillion and a deficit amounting to N97.53 billion.
The budget size was higher than the 2019 budget by 34%. Capital Expenditure amounts to N723.75 billion while the Recurrent Expenditure is N444.81 billion, giving a 62:38 capital to recurrent ratio.