Lagos Assembly Approves 1.168trn For 2020 Budget

The Lagos State House of Assembly has approved the ₦1.168 trillion’s 2020 Appropriation Bill as proposed by the Governor, Babajide Sanwo-Olu.

Naija News learnt that the budget was approved by the House through a voice vote conducted by Speaker, Mudashiru Obasa.

With the amendments, the approved budget contained ₦451, 528, 914, 805 from the Consolidated Revenue fund as the recurrent expenditure and ₦711, 032, 979, 185 from Development Fund as the total capital expenditure.

The total budget for the year ending 31st December, 2020 is now ₦1.168, 561, 893, 990 as against ₦1.168, 562 proposed by the Governor.

Sanwo-Olu had presented a budget of ₦1.168 trillion for 2020 on Friday 8 November, 2019 with education, and healthcare as top priorities.

The proposed budget is to be funded by a projected Total Revenue of ₦1.071 trillion and a deficit amounting to ₦97.53 billion.

The budget size was higher than the 2019 budget by 34%. Capital Expenditure amounts to ₦723.75 billion while the Recurrent Expenditure is ₦444.81 billion, giving a 62:38 capital to recurrent ratio.