• Mon. May 29th, 2023

Lagos State Governor to Sign N1,768 2023 Appropriation Bill into Law Today

ByJustice Godfrey Okamgba

Jan 27, 2023

Today, Friday, July 27, 2023, Lagos State Governor Bababjide Sanwo-Olu will sign the N1,768,014,155,285 2023 Appropriation Bill into law for the fiscal year.

According to Gbenga Omotoso, the state Commissioner for Information and Strategy, Sanwo-Olu is likely to sign the Appropriation Bill, which had previously been approved by the state House of Assembly for the Governor’s approval.

The event will commence at 3 p.m. in the Lagos House Ikeja Conference Room.

Remember that the Lagos State House of Assembly authorized a total of 1,768,014,155,285 for the fiscal year 2023 sometime in December last year, 2022.

Governor Babajide Sanwo-Olu presented the N1.69 trillion ‘Budget of Continuity’ to the House in October 2022.

The Year 2023 Budget of Continuity comprises a total revenue of N1.342trillion and deficit financing of N350bn, which comprises N1.108trn total Internally Generated Revenue (IGR) and N234,235bn total Federal Transfers.

Sanwo-Olu also proposed a recurrent expenditure of N760bn (45%), comprising N403bn total overhead; N247bn total personnel cost, and N109bn recurrent debt service. He proposed a total capital expenditure of N933bn (55%) comprising N670bn expenditure and N263bn repayment.





See also  [BREAKING] Sanwo-Olu Presents N1,692trn Budget For 2023

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