Ikpeazu, Sanwo-Olu Sign 2022 Appropriation Bills into Law

Emmanuel Ugwu-Nwogo in Umuahia and Segun James in Lagos

The governors of Abia and Lagos states, Dr. Okezie Ikpeazu and Mr. Babajide Sanwo-Olu respectively, yesterday signed into law their 2022 Appropriation Bills.

Governor Ikpeazu signed into law N147, 282, 196, 200 2022 Appropriation Bill barely 24 hours after its passage by the state House of Assembly.

While Governor Sanwo-Olu signed into law the N1,758 trillion 2022 Appropriation Bill christened ‘Budget of Consolidation’ at the Lagos House Ikeja.

Ikpeazu had on December 14, 2021 presented a budget of N147.8 billion before the House but it appeared that, after tinkering with the original budget outlay, the lawmakers scrapped N0.5 billion from it.

However, there was no alteration in the ratio of capital expenditure to the recurrent expenditure as the former still got the larger chunk.
In the 2022 Appropriation Law capital expenditure was allocated N79, 779, 887, 500 or 54.2 per cent of the budget while N67, 502, 318, 700, representing 45.8 per cent, was allocated for recurrent expenditure.

Ikpeazu expressed his gratitude to the Speaker and members of the State House of Assembly for their display of patriotism in the expeditious review and passage of the Appropriation Bill.

He assured the Assembly and indeed the people of Abia State that he would implement this year’s budget diligently for the peace, order and welfare of the people of Abia State.

The governor tasked agencies of the state government with specific obligations in this budget to take their assignments very seriously. In particular, he challenged revenue earning agencies in the state to redouble their efforts and carry out their duties with greater transparency and a deeper sense of patriotism.

The swift passage and signing into law of the 2022 budget meant that Abia has sustained the January to December budget cycle.

On his part, Governor Sanwo-Olu had on November 24, presented a budget of N1.4 trillion to the House of Assembly but later sent a supplementary budget of over N300 billion for approval.

The signed bill comprises N1.166 trillion for capital expenditure and over N591 billion for recurrent expenditure, representing a ratio of 66 per cent for capital and 34 per cent for recurrent expenditures.

Explaining the reason behind the additional budget, the governor said the need to complete in 2022 all new projects started by his administration necessitated the difference in the budget.

“We need to capture all our financing options for the blue and red line budget and to avoid putting pressure on our cash flow and debt responsibility. We are creating significant values for our citizens and ensuring our THEMES agenda is on track and all our developmental agendas are well taken care of,” he said.

The governor thanked Lagosians for supporting his government through the ‘difficult year ‘ of 2021, and promised a stronger 2022.

The Chairman, House Committee on Appropriation , Hon. Gbolahan Yishawu, commended the governor for concluding all the projects he met on ground and embarking on new ones.

The Commissioner for Economic Planning and Budget, Mr. Sam Egube, described the bill as a “humanitarian and Infrastructure budget” which would help to build a better Lagos.