Monday, December 30, 2019

Assembly passes Sanwo-Olu’s budget into Law

The Lagos House of Assembly has passed Governor Babajide Sanwo-Olu’s 2020 budget of N1.168 trillion into law.

The budget passage followed the presentation of a report by the joint committee of the House on Appropriation and Finance on by the Chairman of the House Committee on Budget and Economic Planning, Gbolahan Yishawu.

The presentation took place during plenary on Monday when the House dissolved into Committee of Supply comprising all the lawmakers with the Speaker, Mudashiru Obasa as Chairman.

The approved budget contained 78 amendments as recommended by the joint committees and approved by the House through a voice vote conducted by Obasa.

With the amendments, the approved budget contained N451, 528, 914, 805 from the Consolidated Revenue fund as the recurrent expenditure and N711, 032, 979, 185 from Development Fund as the total capital expenditure.

The total budget for the year ending 31st December, 2020 is now N1.168, 561, 893, 990 as against N1.168, 562 proposed by the Governor.