The Lagos State House of Assembly has passed the 2021 Appropriation Bill,increasing the budget size to N1.163 trillion for the fiscal year.
Edu-Biznews recalled that Governor Babajide Sanwo-Olu on November 9, presented initial budget proposal of N1.155 trillion for the 2021 fiscal year to the State Assembly for approval.
But the lawmakers passing the Appropriation Bill during their plenary on Tuesday, increased the budget size to include N460.58 billion as Recurrent Expenditure from the Consolidated Revenue Fund and N702.93 billion as Capital Expenditure from Development Revenue Fund.
The passage of the budget, followed the adoption of the report presented by the Chairman, Joint Committee on Economic Planning and Budget and Finance, Gbolahan Yishawu (Eti Osa II).
Yishawu explained that the budget was approved after weeks of deliberations, interactions and defence of the budget by the various Ministries, Departments and Agencies (MDAs) before the standing committees of the House.
According to him, the sum of N1.163 trillion was approved as the 2021 budget of the state.
The Speaker, Mudashiru Obasa read the sectoral allocations to the lawmakers before it was approved through voice votes and subsequently the budget was eventually passed
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