The Lagos State House of Assembly on Monday passed the state’s 2019 Appropriation Bill of ₦873. 532 billion for 2019.
The approval came more than 80 days after Gov. Akinwunmi Ambode presented the 2019 appropriation bill of ₦852. 316 billion on Feb. 5 to the state assembly.
The passage followed the adoption of the report and recommendations of the House Committee on Budget and Economic Planning , headed by Mr Gbolahan Yishawu (APC-Eti-Osa II).
The house approved ₦393, 841, 387, 020 from the Consolidated Revenue Fund for recurrent expenditure and ₦479, 691, 073, 705 from Development Revenue Fund for capital expenditure.
The budget size thereby totalled ₦873, 532, 460, 725 which is ₦21.216 billion higher than the budget size presented by Ambode.
The Speaker of the House, Mr Mudashiru Obasa, commended Yishawu and members of his committee for thorough scrutiny of the budget.
The house passed the bill into law after Obasa had conducted a voice-vote on each of the 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.
The 2019 budget is ₦287. 68 billion lesser than that of 2018 which stood at N 1.04 trillion.
The budget has a capital expenditure of ₦462 .757 billion and a recurrent expenditure of ₦389.560 billion.
The capital to recurrent ratio of the budget stood at 54: 46.
