Home » Budget, Headlines, Lagos » Lagos Assembly passes N1.168 trillion 2020 budget

Lagos Assembly passes N1.168 trillion 2020 budget

The Lagos State House of Assembly on Monday passed N1.168, 561, 893, 990 2020 Appropriation Bill for the state.

The News Agency of Nigeria reports that Gov. Babajide Sanwo-Olu had on November 8 presented a budget of N1.168 trillion with the theme “Budget of Reawakening”.

The passage followed the report by the joint Committee of the House on Appropriation and Finance, and the House Committee on Budget and Economic Planning.

Mr Rotimi Olowo is the Chairman of the Appropriation and Finance Committee, while the Budget and Economic Planning Committee is headed by Mr Gholahan Yishawu.

Yishawu noted that the approved budget contained 78 amendments as recommended by the joint committees and approved by the House through a voice vote conducted by the Speaker, Mr Mudashiru Obasa.

He said with the amendments, the approved budget contained N451,528,914,805 from the Consolidated Revenue fund as the recurrent expenditure.

The lawmaker said the N711,032,979,185 was from Development Fund as the total capital expenditure.

Yishawu explained that the total budget for the year ending December 31, 2020 was now N1.168, 561, 893, 990 trillion as against N1.168 trillion proposed by the governor.

NAN reports that Sanwo-Olu had earmarked 62 per cent, representing N723.75 billion of total spending, for capital expenditure, while the recurrent expenditure, put at 38 per cent, will take N444.81 billion.

Sanwo-Olu announced that the proposed budget would be funded from a projected Internally Generated Revenue of N1.071 trillion.

The budget deficit, put at N97.53 billion, will be financed through internal and external loans, while the fiscal proposal also included a provision for the new minimum wage.

Sanwo-Olu had said the proposed budget would help the state achieve a sustainable social investment and scale up private sector-led economic growth through investment in infrastructure and security.

He said it would also improve civic engagement in governance and foster partnership with the Federal Government and the civil society.

-NAN

Short URL: http://newnigerianpolitics.com/?p=53646

Posted by on Dec 30 2019. Filed under Budget, Headlines, Lagos. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

Leave a Reply

Kogi Deputy Gov. Onoja blasts Sowore over comment on daughter

Headlines

We must decentralise police, power now – El-Rufai

Categories

Nigerian Army secretly bombing, killing Igbos in Akwa Ibom: Nnamdi Kanu

Browse Africa & World Politics

Featuring Top 3/2077 of Africa & World Politics

Browse National Politics

Featuring Top 5/1094 of National Politics

I thank God I went to prison – Kalu

Browse NNP Columnists

Featuring Top 10/1453 of NNP Columnists

Plot to nail Tinubu before 2023 thickens as EFCC steps up probe

Advertisements

--

FEATURED VIDEOS

Anarchy spreading fast in Nigeria, former head of state sounds warning

ARCHIVES

December 2019
S M T W T F S
« Nov   Jan »
1234567
891011121314
15161718192021
22232425262728
293031  

© 2021 New Nigerian Politics. All Rights Reserved. Log in - Designed by Gabfire Themes