The Lagos State House of Assembly on Tuesday approved the request of Governor Babajide Sanwo-Olu to revise the 2021 Apppriation 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 trillion.
According to Yishawu, N513. 3 billion was approved for recurrent from the consolidated revenue fund.
He added that N743.2 billion 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 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 would be recalled that the House received Sanwo-Olu’s request to amend the 2021 Appropriation Law in September, 2021 nine months after its passage.
The House 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.