Lagos State Governor, Bababjide Sanwo-Olu is scheduled to sign the ₦1,768,014,155,285 2023 Appropriation Bill into law today, Friday 27, 2023, for the fiscal year.
In a statement by the state Commissioner for Information and Strategy, Gbenga Omotoso, Sanwo-Olu is expected to sign the Appropriation Bill, which had earlier been approved by the state House of Assembly for Governor’s assent.
The event is scheduled to take place at the Conference Room, Lagos House Ikeja by 3pm.
Recall that The Lagos State House of Assembly had sometime in December last year, 2022, passed a total of ₦1,768,014,155,285 for the 2023 fiscal year.
Governor Babajide Sanwo-Olu had in October 2022, presented the sum of N1.69 trillion tagged: ‘Budget of Continuity’ to the House.
While receiving the proposal from the Governor, Speaker of the state House of Assembly, Mudashiru Obasa, 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.”
However, Obasa, expressed appreciation to his colleagues for their doggedness, collective sacrifice and the swiftness with which the Appropriation Bill was handled.
A breakdown of the approved budget size showed the sum of: N748,096,508,571 as Recurrent expenditure and N1,019,917,646,713 as Capital expenditure for the year ending December 31, 2023.
A part of the breakdown for the sectoral allocations also showed that N3,228,396,960 was approved as the new Overhead Cost of 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 and 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.