Lagos State Governor Bababjide Sanwo-Olu is scheduled to sign the 1,768,014,155,285 2023 Appropriation Bill into law for the fiscal year.
According to a statement released by Gbenga Omotoso, the state Commissioner for Information and Strategy, Sanwo-Olu is anticipated to sign the Appropriation Bill, which had previously been approved by the state House of Assembly and submitted to the Governor for his approval.
By 3 p.m., the occasion is expected to take place in the Conference Room of Lagos House Ikeja.
Keep in mind that the Lagos State House of Assembly passed a total of 1,768,014,155,285 yen for the 2023 fiscal year sometime in December of 2022.
In October 2022, Governor Babajide Sanwo-Olu presented the sum of N1.69 trillion with the tag: Continuity Budget to the House.
Mudashiru Obasa, Speaker of the state House of Assembly, urged that the budget for 2023 “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” while receiving the proposal from the Governor.
However, Obasa expressed gratitude to his coworkers for their perseverance, collective sacrifice, and quick handling of the Appropriation Bill.
The following was revealed by a breakdown of the approved budget size: N1,019,917,646,713 in capital expenditures and N748,096,508,571 in recurring expenditures for the year ending December 31, 2023.
Additionally, the approval of N3,228,396,960 as the new Overhead Cost of the Office of Civic Engagement for drug abuse advocacy was shown in part in the breakdown of the sectoral allocations.
The Ministry of Economic Planning and Budget approved N802,987,206 as the new Capital Expenditure, and the Ministry of Economic Planning and Budget approved N1,200,000,000 as the new Overhead Cost (Social Intervention and Humanitarian Program).