Babajide Sanwo-Olu, governor of
Lagos state, has signed the 2020 budget of N1.168 trillion into law.
Sanwo-Olu signed the budget at
his office in Alausa, Ikeja, on Tuesday.
Babafemi Hamzat, his deputy, Mudashiru
Obasa, speaker of the state house of assembly, Gbolahan Yishau, chairman of
house committee on budget and economic planning and Sam Egube, commissioner for
budget and economic planning, were in attendance.
The governor assured Lagosians
that the budget will be implemented “responsibly, transparently and with
accountability” .
He also said the budget would
bring about a greater good for a greater number of people which would result in
a better quality of life for Lagosians.
The state house of assembly
passed the budget on Monday following the report by the joint committee of the
house on appropriation and finance, and the house committee on budget and
economic planning.
According to Yishawu, the
approved budget contained 78 amendments as recommended by the joint committees.
The budget was increased by the
house from N1.168 proposed by the governor to N1.169 trillion.
He said the budget contained
N451,528,914,805 from the consolidated revenue fund as the recurrent
expenditure and N711, 032, 979, 185 billion from development fund as the total
capital expenditure.
Sanwo-Olu earmarked N723.75
billion of total spending for capital expenditure, while the recurrent
expenditure will take N444.81 billion.
The governor had announced that
the proposed budget would be funded from a projected internally generated
revenue (IGR) of N1.071 trillion.
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