The Lagos State House of Assembly has on Monday approved the sum of N1.768,014,155,285 trillion as the budget size for Year 2023.
The ‘budget of continuity’ presented to the House by Governor Babajide Sanwo-Olu in October 2022 witnessed a jerk up from the sum of N1.69trillion estimate to its present form of N1.768trillion.
Given the huge capital investment the state has embarked upon which required much funding, a whooping sum of N1,019,917,646,713 was appropriated as Capital expenditure while the recurrent expenditure is N748,096,508,571 the total of which makes up the budget size for the year ending 31st December, 2023.
The Speaker, Rt. Hon. Mudashiru Obasa, was quick to appreciate the lawmakers for their collective sacrifice mien to call to duty and the swiftness with which the Appropriation Bill was handled.
A mention of some topical sectorial allotment indicated that N3,228,396,960 was approved as the new Overhead Cost for 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.
Presiding over plenary on Monday Rt Hon. Obasa 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.
While receiving the proposal from the Governor, Speaker 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.”