Lagos State Governor Babajide Sanwo-Olu of Lagos State on Monday signed the state 2019 Appropriation Bill into law.
It was learned that the governor also signed three other bills into law alongside the 2019 appropriation bill.
Report had it that the State House of Assembly in April passed an Appropriation Bill of N873.532bn into law.
Also recall that the passage followed the adoption of the report and recommendations of the House Committee on Budget and Economic Planning, headed by Gbolahan Yishawu (APC-Eti-Osa II).
The immediate past governor, Akinwunmi Ambode, had presented the 2019 appropriation bill of N852.316bn on February 5 to the state Assembly.
The house approved N393, 841, 387, 020 from the Consolidated Revenue Fund for recurrent expenditure and N479, 691, 073, 705 from Development Revenue Fund for capital expenditure.
The budget size thereby totalled N873, 532, 460, 725 which is N21.216 billion higher than the budget size presented by Ambode.
The Speaker of the House, Hon. Mudashiru Obasa, commended Yishawu and members of his committee for thorough scrutiny of the budget.
Obasa said: “That a bill for a law to authorise the issue and appropriation of N393,841,387,020 from the Consolidated Revenue Fund for recurrent expenditure and N479, 691,073,705 from Development Fund for capital expenditure thereby totalling a budget size of N873,532,460,725 for the Year ending 31st December 2019 be passed into law.”
The House passed the bill into law after Obasa had conducted a voice-vote on each of the allocations for ministries, departments and agencies.
Obasa directed the Clerk of the House, Azeez Sanni, to send a copy of the bill to Ambode for his assent.
The 2019 budget is N 287. 68 billion lesser than that of 2018 which stood at N 1.04 trillion.
The budget has a capital expenditure of N462 .757 billion and a recurrent expenditure of N389.560 billion.
The capital to recurrent ratio of the budget stood at 54: 46.