Lagos Assembly passes 2019 Budget
The Lagos State House of Assembly on Monday passed the state’s 2019 Appropriation Bill of N873. 532 billion into law for the year ending Dec. 31, 2019.
The passage followed the adoption of the report and recommendations of the House Committee on Appropriation headed by Hon. Gbolahan Yishawu
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, Mr Mudashiru Obasa commended Yishawu and members of the committee for thorough scrutiny of the budget.
Obasa said: “That a bill for a law to authorised 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 after Obasa conducted a voice vote on each of the sectoral allocations for ministries , departments and agencies.
Obasa directed the Clerk of the House, Mr Azeez Sanni, to send a copy of the bill to Ambode for his assent.
It would be recalled that Governor Ambode had on Feb. 5 presented the 2019 budget proposal of N852. 316 billion to the Lagos Assembly.
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.