The Lagos State Assembly has approved the request of Governor Babajide Olusola Sanwo-Olu to revise the 2021 appropriation law.
Chairman of the House Committee on Budget and Economic Planning, Mr. Gbolahan Yishawu read the various sectoral allocations on the floor during plenary and announced the new appropriation law as N1,256,567,592,651 Trillion (one trillion two hundred and fifty six billion five and hundred and sixty seven million five hundred and ninety two thousand six hundred and fifty one naira) on the floor of the house.
According to Yishawu, a sum of five hundred and thirteen billion three hundred and forty three million three hundred and thirty eight thousand seven hundred and thirty seven naira (N513,343,338,737) was approved for recurrent from the consolidated revenue fund.
He added that a sum of seven hundred and forty three billion two hundred and twenty four million two hundred and fifty three thousand nine hundred and fourteen naira (743,224,253,914) from the Development fund was approved for capital expenditure both for the year ended December 31, 2021.
The Speaker of the Assembly, Chief Mudashiru Obasa subsequently read out the recommendation of the committee on the floor of the House and it was approved through voice votes by the lawmakers.
Chief Obasa then ordered the Clerk of the House, Mr. Olalekan Onafeko to pass a clean copy of the report to the Governor for his assent.
The Assembly had received Governor Sanwo-Olu’s request to amend the 2021 Appropriation Law last month, nine months after its passage.
The assembly had on Dec. 29, 2020, passed the state government’s N1.164 trillion budget for 2021.
Obasa said the governor was requesting the assembly to authorise the reordering of N460.58 billion to N496.26 billion for the recurrent expenditure; and N702.93 billion to N759.59 billion, for the capital expenditure.
The House then adjourned sitting to Monday October 11, 2021 at noon.