TheCable

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.