2021 budget amendment: Lagos Assembly approves Sanwo-Olu’s request for N1.25trn

by cloudnewsmag


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Lagos State House of Assembly on Tuesday approved the sum of N1.25 trillion as an amendment to the 2021 budget.

The legislature approved a request by Governor Babajide Sanwo-Olu.

The endorsement was made through a voice vote of members at the sitting presided by Speaker, Mudashiru Obasa.

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Obasa directed the Clerk, Olalekan Onafeko, to pass a clean copy of the report to the governor for his assent.

In September, Sanwo-Olu asked the House to approve the amendment to the 2021 Appropriation Law of N1.164 trillion passed on December 29, 2020.

He sought the reordering of N460.58 billion to N496.26 billion for the recurrent expenditure and N702.93 billion to N759.59 billion for the capital expenditure.

Chairman of the House Committee on Budget and Economic Planning, Gbolahan Yishawu, announced the new appropriation law as N1,256,567,592,651 trillion.

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Yishawu announced that the sum of N513,343,338,737 was approved for recurrent from the Consolidated Revenue Fund.

The sum of N743,224,253,914 billion from the Development Fund was approved for capital expenditure for the year ending December 31, 2021.

Obasa stated that the approval was necessary as it would help the Lagos government drive to attain the top tier rank of the biggest cities in the world.

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