On Friday, Lagos State Governor Babajide Sanwo-Olu signed into law the N1.768 trillion budget for 2023.
The Lagos State House of Assembly passed the budget for 2023 on December 12th, raising it by N78 billion to a total of $1,768,014,155,285.
The governor is signing the budget into law over one month after it was passed by the House of Assembly.
For the fiscal year that ends on December 31, 2023, the budget’s breakdown shows a total of N748,096,508,571 in recurrent expenses and N1,019,917,646,713 in capital expenditures.
Speaking, Sanwo-Olu assured Lagos residents that the budget would be channeled to completing ongoing projects, including the blue and red rail lines.
He said that electioneering would not slow down the pace of development.
Sanwo-Olu thanked residents for playing their parts through the payment of taxes and solicited their support to achieve more.
Earlier, Chairman, House Committee on Appropriation, Gbolahan Yishawu, commended the Sanwo-Olu’s administration for the construction of people-oriented projects and promised that the House would continue to support the executive arm of government
While presenting the appropriation bill to the Governor, the Commissioner for Economic Planning and Budget, Sam Egube explained that it passed through a rigorous process during which all stakeholders were carried along.