TheCable

The Lagos state house of assembly has passed the 2020 appropriation bill of N1.168 trillion.

Babajide Sanwo-Olu, governor of the state, had presented a budget of N1.168 trillion tagged “Budget of Reawakening” on November 8.

The budget was passed 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.

Gholahan Yishawu, chairman of budget and economic planning committee, said the approved budget contained 78 amendments as recommended by the joint committees and approved by the house through a voice vote conducted by the Mudashiru Obasa, the speaker.

He said with the amendments, the approved 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.

He explained that the total budget for the year ending December 31, 2020, is now N1.169 trillion as against N1.168 trillion proposed by the governor.

Sanwo-Olu had earmarked 62 percent representing N723.75 billion of total spending for capital expenditure, while the recurrent expenditure, put at 38 percent, 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.

According to him, the budget deficit, put at N97.53 billion, will be financed through internal and external loans while the fiscal proposal also included a provision for the new minimum wage.

Sanwo-Olu said the proposed budget would help the state achieve a sustainable social investment and scale up private sector-led economic growth through investment in infrastructure and security.

He also said it would also improve civic engagement in governance and foster partnership with the federal government and the civil society.