News
Lagos Assembly okays Sanwo-Olu’s request for 1.25 Trillion
The Lagos State House of Assembly on Tuesday October 5, 2021 approved the request of Governor Babajide Olusola Sanwo-Olu to revise the 2021 appropriation law.
Chairman of the House Committee on Budget and Economic Planning, Hon. Gbolahan Yishawu read the various sectoral allocations on the floor during plenary and announced the new appropriation law as N1,256,567,592,651 Trillion (one trillion two hundred and fifty six billion five and hundred and sixty seven million five hundred and ninety two thousand six hundred and fifty one naira) on the floor of the house.
According to Yishawu, a sum of five hundred and thirteen billion three hundred and forty three million three hundred and thirty eight thousand seven hundred and thirty seven naira (N513,343,338,737) was approved for recurrent from the consolidated revenue fund.
He added that a sum of seven hundred and forty three billion two hundred and twenty four million two hundred and fifty three thousand nine hundred and fourteen naira (743,224,253,914) from the Development fund was approved for capital expenditure both for the year ended December 31, 2021.
The Speaker of the Assembly, Rt. Hon. Mudashiru Obasa subsequently read out the recommendation of the committee on the floor of the House and it was approved through voice votes by the lawmakers.
Obasa then ordered the Clerk of the House, Mr. Olalekan Onafeko to pass a clean copy of the report to the Governor for his assent.
It will be recalled that the Assembly received Governor Babajide Sanwo-Olu’s request to amend the 2021 Appropriation Law in September, 2021 nine months after its passage.
The assembly on Dec. 29, 2020, passed the state government’s N1.164 trillion budget for 2021.
Obasa said the governor was requesting the assembly to authorise the reordering of N460.58 billion, to N496.26 billion for the recurrent expenditure; and N702.93 billion to N759.59 billion, for the capital expenditure.
The House then adjourned sitting to Monday October 11, 2021 at 12 noon.
Continue Reading
-
Latest3 days agoFull List: Meet the 2026 Nobel Prize winners across six categories
-
Featured1 week ago103 Million Voters: What does INEC’s new register say about Nigeria’s population?
-
Football3 days agoPremier League Matchweek 7: Five Fixtures That Could Shape the Weekend
-
Business1 week agoThe Ministry of Commerce of Loveworld gets a $1 million boost for new investment fund at LTIF 2026 to promote Trade in Ghana
-
Features1 week agoEdo’s 2.5 million vote promise: Can the numbers match the politics?
-
Latest2 days agoUmahi defends Lagos-Calabar highway route changes amid public outcry
-
Business2 days agoDangote Refinery IPO Extension: Was the 70% subscription report overhyped?
-
Latest1 week agoNigeria to Ghana: Inside police hunt for Anambra kidnap suspect