Lagos State Governor, Babajide Sanwo-Olu has signed the 2020 budget of N1.168 trillion into law.
Naija News Understands that the signing took place earlier today at the Lagos House, Ikeja, with the Deputy Governor, Dr. Obafemi Hamzat and the Speaker, Lagos State House of Assembly, Mudashiru Obasa, present.
Sanwo-Olu said that the budget would be implemented responsibly, transparently and with accountability. He also added that the budget would ensure a greater good for a greater number of people, which would result in a better quality of life for Lagosians.
He also said the budget would bring about a greater good for a greater number of people which would result in a better quality of life for Lagosians.
The budget was increased by the house from N1.168 proposed by the governor to N1.169 trillion.
He said the budget contained N451,528,914,805 from the consolidated revenue fund as the recurrent expenditure and N711, 032, 979, 185 billion from development fund as the total capital expenditure. Sanwo-Olu earmarked N723.75 billion of total spending for capital expenditure, while the recurrent expenditure will take N444.81 billion.
The governor had announced that the proposed budget would be funded from a projected internally generated revenue (IGR) of N1.071 trillion
Source: Naija News