The Lagos State House of Assembly has passed the 2022 budget, with a slight increase 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 the chairman of the committee on economic planning and budget, Gbolahan Yishawu.

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

He said the leftover was rolled into a ‘contingency fund’ in the 2022 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.

According to him, the loans, bonds and ISPO funds have been captured in the budget that was passed.

Speaking after the passage of the budget, Obasa thanked his colleagues for working assiduously to ensure that the appropriation bill was passed.