Lagos State Governor Babajide Sanwo-Olu has signed the state’s 2022 appropriation bill of 1.756 trillion naira into law at the State House, Ikeja.
The Lagos State House of Assembly on Wednesday evening passed the 2022 budget estimate with a slight increase of the grand total from the initial N1.38 trillion to N1.758 trillion.
Speaking after the budget signing, Governor Sanwo-Olu noted that the budget is expected to consolidate on the programmes of the THEMES Developmental Agenda in Education, Infrastructure, Health, Rail, Technology, Social Intervention, Sustainable Development Goals, and other critical areas.
While explaining the rationale behind the increase from the initial N1.4 trillion Budget Estimates presented to the Lagos State House of Assembly, Governor Sanwo-Olu noted that there was the need to capture all financing options for the Blue and Red Line Rail projects by not putting pressure on cash flow and Debt sustainability.