{"id":2453,"date":"2021-12-31T20:26:39","date_gmt":"2021-12-31T19:26:39","guid":{"rendered":"https:\/\/mydailybells.com.ng\/businessbells\/?p=2453"},"modified":"2021-12-31T20:26:40","modified_gmt":"2021-12-31T19:26:40","slug":"sanwo-olu-signs-n1-758-trillions-2022-budget-into-law","status":"publish","type":"post","link":"https:\/\/mydailybells.com.ng\/businessbells\/sanwo-olu-signs-n1-758-trillions-2022-budget-into-law\/","title":{"rendered":"Sanwo-Olu Signs N1.758 Trillions 2022 Budget of Consolidation into Law"},"content":{"rendered":"<p>&nbsp;<\/p>\n<p><strong><span style=\"font-size: 18pt;\">Lagos State Governor, Mr. Babajide Sanwo-Olu on Friday signed the 2022 Appropriation Bill of N1.758 trillion christened \u2018Budget of Consolidation\u2019 into law.<\/span><\/strong><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 18pt;\">Governor Sanwo-Olu, while signing the Bill at the Lagos House, Ikeja, said that the capital expenditure stands at N1.166 trillion, representing 66 percent of the budget estimates, while recurrent expenditure is N591 billion, representing 34 percent, to maintain the 66:34 percent budget tradition of Lagos State.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 18pt;\">Speaking after signing the 2022 Appropriation bill, Governor Sanwo-Olu said the budget is to consolidate infrastructural development across the state in line with his administration\u2019s T.H.E.M.E.S. developmental agenda to address issues on education, infrastructure, health, technology, social intervention, rail projects and other critical areas.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 18pt;\">While explaining the rationale behind the increase in the 2022 Appropriation Bill from the initial N1.388 trillion budget estimates presented to the Lagos State House of Assembly on November 24, Sanwo-Olu said there is a need to capture all financing options for the Blue and Red line rail projects and other ongoing projects in the Budget of Consolidation.<\/span><\/p>\n<figure id=\"attachment_2454\" aria-describedby=\"caption-attachment-2454\" style=\"width: 720px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/mydailybells.com.ng\/businessbells\/sanwo-olu-signs-n1-758-trillions-2022-budget-into-law\/fb_img_1640977805720\/\" rel=\"attachment wp-att-2454\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" data-attachment-id=\"2454\" data-permalink=\"https:\/\/mydailybells.com.ng\/businessbells\/sanwo-olu-signs-n1-758-trillions-2022-budget-into-law\/fb_img_1640977805720\/\" data-orig-file=\"https:\/\/i0.wp.com\/mydailybells.com.ng\/businessbells\/wp-content\/uploads\/sites\/3\/2021\/12\/FB_IMG_1640977805720.jpg?fit=720%2C386&amp;ssl=1\" data-orig-size=\"720,386\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"FB_IMG_1640977805720\" data-image-description=\"\" data-image-caption=\"&lt;p&gt; Lagos State Governor, Mr. Babajide Sanwo-Olu signing the Y2022 Appropriation bill into law at the Lagos House, Alausa, Ikeja, on Friday, December 31, 2021. With him are Commissioner for Economic Planning &amp;#038; Budget, Mr. Sam Egube (left), Deputy Governor, Dr. Obafemi Hamzat (second left) and Chairman, Lagos House Assembly Committee on Appropriation, Hon. Gbolahan Yishua (right).&lt;\/p&gt;\n\" data-large-file=\"https:\/\/i0.wp.com\/mydailybells.com.ng\/businessbells\/wp-content\/uploads\/sites\/3\/2021\/12\/FB_IMG_1640977805720.jpg?fit=720%2C386&amp;ssl=1\" class=\"size-full wp-image-2454\" src=\"https:\/\/i0.wp.com\/mydailybells.com.ng\/businessbells\/wp-content\/uploads\/sites\/3\/2021\/12\/FB_IMG_1640977805720.jpg?resize=720%2C386&#038;ssl=1\" alt=\"  Lagos State Governor, Mr. Babajide Sanwo-Olu signing the Y2022 Appropriation bill into law at the Lagos House, Alausa, Ikeja, on Friday, December 31, 2021. With him are Commissioner for Economic Planning &amp; Budget, Mr. Sam Egube (left), Deputy Governor, Dr. Obafemi Hamzat (second left) and Chairman, Lagos House Assembly Committee on Appropriation, Hon. Gbolahan Yishua (right).\" width=\"720\" height=\"386\" srcset=\"https:\/\/i0.wp.com\/mydailybells.com.ng\/businessbells\/wp-content\/uploads\/sites\/3\/2021\/12\/FB_IMG_1640977805720.jpg?w=720&amp;ssl=1 720w, https:\/\/i0.wp.com\/mydailybells.com.ng\/businessbells\/wp-content\/uploads\/sites\/3\/2021\/12\/FB_IMG_1640977805720.jpg?resize=300%2C161&amp;ssl=1 300w\" sizes=\"auto, (max-width: 720px) 100vw, 720px\" \/><\/a><figcaption id=\"caption-attachment-2454\" class=\"wp-caption-text\">Lagos State Governor, Mr. Babajide Sanwo-Olu signing the Y2022 Appropriation bill into law at the Lagos House, Alausa, Ikeja, on Friday, December 31, 2021. With him are Commissioner for Economic Planning &amp; Budget, Mr. Sam Egube (left), Deputy Governor, Dr. Obafemi Hamzat (second left) and Chairman, Lagos House Assembly Committee on Appropriation, Hon. Gbolahan Yishua (right).<\/figcaption><\/figure>\n<p><span style=\"font-size: 18pt;\">He said: \u201cLet me state at this juncture that the difference between the budget amount presented by the Executive and the final amount passed by the Legislature is largely accounted for by the decision to further accelerate already existing infrastructure projects and bring them to substantial levels of completion.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 18pt;\">\u201cWe have also decided to capture in the Budget, the financing being deployed towards the Blue Line and the Red Line rail projects by private sector consortia, up to a level that will not put pressure on our cash flow and debt sustainability.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 18pt;\">\u201cIn addition, this 2022 Appropriation Bill recognises several other already-funded project transactions that are now being accounted for as corporate transactions. What this means is that we are now choosing to capture in the Budget the significant value already accruing to the State from these projects.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 18pt;\">\u201cAs I said during the presentation to the House of Assembly, this will be the last full-year budget in the tenure of this administration. As a result, a major focus of this budget will be ensuring the completion of all ongoing projects that are critical to achieving our desire to build a Greater Lagos in line with the goals and objectives of the T.H.E.M.E.S development agenda.\u201d<\/span><\/p>\n<figure id=\"attachment_2455\" aria-describedby=\"caption-attachment-2455\" style=\"width: 720px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/mydailybells.com.ng\/businessbells\/sanwo-olu-signs-n1-758-trillions-2022-budget-into-law\/fb_img_1640977811781\/\" rel=\"attachment wp-att-2455\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" data-attachment-id=\"2455\" data-permalink=\"https:\/\/mydailybells.com.ng\/businessbells\/sanwo-olu-signs-n1-758-trillions-2022-budget-into-law\/fb_img_1640977811781\/\" data-orig-file=\"https:\/\/i0.wp.com\/mydailybells.com.ng\/businessbells\/wp-content\/uploads\/sites\/3\/2021\/12\/FB_IMG_1640977811781.jpg?fit=720%2C354&amp;ssl=1\" data-orig-size=\"720,354\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"FB_IMG_1640977811781\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Commissioner for Economic Planning &amp;#038; Budget, Mr. Sam Egube; Lagos Deputy Governor, Dr. Obafemi Hamzat; Governor Babajide Sanwo-Olu; Chairman, Lagos House Assembly Committee on Appropriation, Hon. Gbolahan Yishua and the Deputy Majority Leader, Hon. Noheem Adams during the signing of the Y2022 Appropriation bill into law, at the Lagos House, Alausa, Ikeja, on Friday, December 31, 2021&lt;\/p&gt;\n\" data-large-file=\"https:\/\/i0.wp.com\/mydailybells.com.ng\/businessbells\/wp-content\/uploads\/sites\/3\/2021\/12\/FB_IMG_1640977811781.jpg?fit=720%2C354&amp;ssl=1\" class=\"size-full wp-image-2455\" src=\"https:\/\/i0.wp.com\/mydailybells.com.ng\/businessbells\/wp-content\/uploads\/sites\/3\/2021\/12\/FB_IMG_1640977811781.jpg?resize=720%2C354&#038;ssl=1\" alt=\"\" width=\"720\" height=\"354\" srcset=\"https:\/\/i0.wp.com\/mydailybells.com.ng\/businessbells\/wp-content\/uploads\/sites\/3\/2021\/12\/FB_IMG_1640977811781.jpg?w=720&amp;ssl=1 720w, https:\/\/i0.wp.com\/mydailybells.com.ng\/businessbells\/wp-content\/uploads\/sites\/3\/2021\/12\/FB_IMG_1640977811781.jpg?resize=300%2C148&amp;ssl=1 300w\" sizes=\"auto, (max-width: 720px) 100vw, 720px\" \/><\/a><figcaption id=\"caption-attachment-2455\" class=\"wp-caption-text\">Commissioner for Economic Planning &amp; Budget, Mr. Sam Egube; Lagos Deputy Governor, Dr. Obafemi Hamzat; Governor Babajide Sanwo-Olu; Chairman, Lagos House Assembly Committee on Appropriation, Hon. Gbolahan Yishua and the Deputy Majority Leader, Hon. Noheem Adams during the signing of the Y2022 Appropriation bill into law, at the Lagos House, Alausa, Ikeja, on Friday, December 31, 2021<\/figcaption><\/figure>\n<p><span style=\"font-size: 18pt;\">He said the Commissioner for Economic Planning and Budget, Mr. Sam Egube would present to the public the full details and breakdown of the budget in due course.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 18pt;\">Governor Sanwo-Olu also commended the Speaker and members of the Lagos State House of Assembly for their cooperation and support, especially in ensuring the quick consideration and passage of the 2022 Appropriation Bill, which he presented on Wednesday, November 24.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 18pt;\">The Governor also appreciated Lagosians for their support in ensuring the impressive performance in the implementation of the 2021 budget, against all odds, especially the continuous challenge posed by COVID 19.<\/span><\/p>\n<figure id=\"attachment_2456\" aria-describedby=\"caption-attachment-2456\" style=\"width: 720px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/mydailybells.com.ng\/businessbells\/sanwo-olu-signs-n1-758-trillions-2022-budget-into-law\/fb_img_1640978601048\/\" rel=\"attachment wp-att-2456\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" data-attachment-id=\"2456\" data-permalink=\"https:\/\/mydailybells.com.ng\/businessbells\/sanwo-olu-signs-n1-758-trillions-2022-budget-into-law\/fb_img_1640978601048\/\" data-orig-file=\"https:\/\/i0.wp.com\/mydailybells.com.ng\/businessbells\/wp-content\/uploads\/sites\/3\/2021\/12\/FB_IMG_1640978601048.jpg?fit=720%2C571&amp;ssl=1\" data-orig-size=\"720,571\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"FB_IMG_1640978601048\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Lagos State Governor, Mr. Babajide Sanwo-Olu signing the Y2022 Appropriation bill into law at the Lagos House, Alausa, Ikeja, on Friday, December 31, 2021&lt;\/p&gt;\n\" data-large-file=\"https:\/\/i0.wp.com\/mydailybells.com.ng\/businessbells\/wp-content\/uploads\/sites\/3\/2021\/12\/FB_IMG_1640978601048.jpg?fit=720%2C571&amp;ssl=1\" class=\"size-full wp-image-2456\" src=\"https:\/\/i0.wp.com\/mydailybells.com.ng\/businessbells\/wp-content\/uploads\/sites\/3\/2021\/12\/FB_IMG_1640978601048.jpg?resize=720%2C571&#038;ssl=1\" alt=\"Lagos State Governor, Mr. Babajide Sanwo-Olu signing the Y2022 Appropriation bill into law at the Lagos House, Alausa, Ikeja, on Friday, December 31, 2021\" width=\"720\" height=\"571\" srcset=\"https:\/\/i0.wp.com\/mydailybells.com.ng\/businessbells\/wp-content\/uploads\/sites\/3\/2021\/12\/FB_IMG_1640978601048.jpg?w=720&amp;ssl=1 720w, https:\/\/i0.wp.com\/mydailybells.com.ng\/businessbells\/wp-content\/uploads\/sites\/3\/2021\/12\/FB_IMG_1640978601048.jpg?resize=300%2C238&amp;ssl=1 300w\" sizes=\"auto, (max-width: 720px) 100vw, 720px\" \/><\/a><figcaption id=\"caption-attachment-2456\" class=\"wp-caption-text\">Lagos State Governor, Mr. Babajide Sanwo-Olu signing the Y2022 Appropriation bill into law at the Lagos House, Alausa, Ikeja, on Friday, December 31, 2021<\/figcaption><\/figure>\n<p><span style=\"font-size: 18pt;\">\u201cI believe very strongly that we, working together, and with everyone doing their part diligently, will achieve much more in 2022,\u201d the Governor said.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 18pt;\">Speaking earlier, the Speaker of the Lagos State House of Assembly, Rt. Hon. Mudasiru Obasa, stated that the budget was given expeditious approval with proper scrutiny within five weeks to ensure that all projects are executed.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 18pt;\">Obasa, who was represented by the Chairman of the Lagos State House of Assembly Committee on Appropriation, Hon. Gbolahan Yishawu, said the Babajide Sanwo-Olu administration is heading in the right direction in ensuring that infrastructural projects are put in place across the state in line with the T.H.E.M.E.S. development agenda.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 18pt;\">He also commended Governor Sanwo-Olu for completing all the projects he inherited and providing funds for all the ongoing projects in different parts of the State.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 18pt;\">Also speaking, Commissioner for Economic Planning and Budget, Sam Egube, commended the Lagos State House of Assembly for the speedy passage of the 2022 Appropriation Bill.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 18pt;\">He said he was excited and grateful to all stakeholders for leading the process to the signing of the biggest State&#8217;s budget.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><span style=\"font-size: 18pt;\">It would be recalled that the Lagos State House of Assembly on Wednesday passed the 2022 budget estimates with a slight increase of the grand total from the initial N1.38 trillion to N1.758 trillion.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; Lagos State Governor, Mr. Babajide Sanwo-Olu on Friday signed the 2022 Appropriation Bill of N1.758 trillion christened \u2018Budget of Consolidation\u2019 into law. &nbsp; Governor Sanwo-Olu, while signing the Bill at the Lagos House, Ikeja, said that the capital expenditure stands at N1.166 trillion, representing 66 percent of the budget estimates, while recurrent expenditure is [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":2456,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[15],"tags":[1414,243],"class_list":["post-2453","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","tag-2022-budget-of-consolidation","tag-sanwo-olu"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Sanwo-Olu Signs N1.758 Trillions 2022 Budget of Consolidation into Law &#8212; Business Bells<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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