Lagos State Governor, Babajide Sanwo-Olu, has signed the state’s 2023 budget of N1.768 trillion into law.
The governor signed the budget on Friday at the Conference room at the Lagos House, in Alausa, Ikeja.
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The Lagos State House of Assembly on December 12, passed N1,768,014,155,285 as the 2023 appropriation bill, which had been increased by a sum of N78bn.
A breakdown of the budget shows the recurrent expenditure is N748,096,508,571 while its capital expenditure is N1,019,917,646,713 for the year ending on December 31, 2023.
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Speaking at the event, Sanwo-Olu said;
The budget will be channelled towards the completion of ongoing infrastructural projects, including the Blue and Red Rail lines.
I also want to thank residents of Lagos State for playing their parts through the payment of taxes and I solicit their support to achieve more.
In his remarks, the Chairman of the House Committee on Appropriation, Gbolahan Yishawu, commended the Sanwo-Olu’s administration for the implementation of people-oriented projects and he promised that the House would continue to support the executive arm of government.
In his presentation of the appropriation bill to the governor, the state Commissioner for Economic Planning and Budget, Mr Samuel Egube, explained that the budget passed through a rigorous process during which all relevant stakeholders were consulted and carried along.