Lagos: Sanwo-Olu Approves N873.532bn Budget for 2019

Lagos: Sanwo-Olu Approves N873.532bn Budget for 2019
  • Lagos: Sanwo-Olu Approves N873.532bn Budget for 2019

Mr Babajide Sanwo-Olu, the new Governor of Lagos State, has signed the 2019 Appropriation Bill into law, putting an end to the face-off between the executives and the legislative arms in the state.

The approved budget is N873.532 billion, N21.215 billion more than the proposed budget submitted by the former governor, Akinwunmi Ambode.

Ambode had submitted a proposed budget of N852.317 billion on February 5, 2019. The legislative house passed the bill after increasing it by N21.215 billion on April 29, 2019.

The final approval by the governor came more than 80 days after it was presented by Ambode.

Hon. Mudashiru Obasa, the Speaker of the House, lauded Yishawu and members of his committee for carefully scrutinizing the budget before approval.

Obasa said: “That a bill for a law to authorise 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.”

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: samed@investorsking.com.

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