The Lagos State governor Babajide Sanwo -Olu has presented the 2022 Appropriation Bill of over N1.388 trillion at the State Assembly house for approval by members of the house.
The 2022 Appropriation Bill, tagged: ‘Consolidation’, has a budget size of 1,388,285,459,990.51, comprising total revenue of 1,135,159,092,822.30 and deficit financing of 253,126,367,168.21.
The budget shows an increase when compared to that of year 2021.
Sanwo-Olu during the presentation said: “The Year 2022 budget projects a continuing but very gradual recovery to growth in economic activity as the global economy cautiously recovers from the impact of the Coronavirus pandemic. We have, therefore, approached our revenue expectations with cautious optimism.
“Our strident clamour that Lagos State should be granted special status and complementary funding to enable it to maintain and improve the infrastructure that services the national economy, remains relevant.
“Lagos is and must be recognized as the national asset that it is – which is a pre-eminent melting pot of cultures in Nigeria; the economic capital of Nigeria and the most populous megacity in all of Africa. “We as a nation must realize that every investment in Lagos has implications for national development, whether it is the 10-lane airport road leading from the International airport or the Lekki deep seaport, together with the six-lane Lekki Epe expressway, or the Red and Blue rail line moving 32million commuters from Okoko and Agbado to Marina – these all serve to improve the commercial capacity of Nigeria and prepare her as a trading hub ready for the African Continental free trade area agreement.
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