Lagos Assembly approves 2023 budget and increases size to N1.768trn

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The Lagos State House of Assembly approved the 2023 Appropriations Bill introduced by Governor Babajide Sanwo-Olu about six weeks ago.

In October, Mr. Sanwo-Olu submitted to parliament a budget of N1,693 trillionbut lawmakers have increased the size of tax spending by N75 billion to N1.768 trillion.

In Monday’s plenary session, House Speaker Mr. Mudashiru Obasa said he was impressed with how quickly the committee completed its task for speedy approval of the 2023 budget.

He said that the passion with which the lawmakers processed the bill for approval showed their love for the progress of Lagos State, and expressed the hope that the residents of the state would show their satisfaction with the lawmakers.

A breakdown of the size of the approved budget shows that the sum of N748 096 508 571 was earmarked for recurring expenditures and N1 019 917 646 713 for capital expenditures for the year ending 31 December 2023.

In addition to the breakdown of the sectoral allocations, it is also shown that N3,228,396,960 was approved as the new general cost of the office of civic participation for the defense of drug abuse, while N802,987,206 was approved as the new expense of capital of the Ministry of Economic Planning and Budget, with N1,200,000,000 approved as the new general expenditure (Social and Humanitarian Intervention Program) in the Ministry of Economic Planning and Budget.

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