Lagos Assembly Passes N2.267 Trillion 2024 Budget

The Lagos State House of Assembly has passed a total of N2.3 trillion as the state’s 2024 budget.

The Appropriation Bill was passed on Friday at a plenary session presided over by the Speaker of the House, Mudashiru Obasa.

The budget representing 58 percent Capital Expenditure and 42 percent Recurrent Expenditure was approved following a unanimous voice vote by all the lawmakers present at the sitting.

Recall that Governor Babajide Sanwo-Olu had on December 13, 2023, presented 2024 budget estimates of N2.246 trillion to the House, stating that the state anticipated internally generated revenue of N1.251 trillion and Federal Government allocations of N596.629 billion.

“Our 2024 Budget, going by its given title, aligns with the objectives of the Federal Government and is designed to further propel Lagos towards prosperity. It will not only ensure that we contribute significantly to our national economy, but also safeguard the welfare and aspirations of every Lagosian.

“We understand this period is a challenging economic time, but therein lies immense accompanying opportunities. The Year 2024 Appropriation Bill, which will be the first full year budget since the inception of this administration for our second four-year tenure in office, is designed to make Lagos remain attractive to huge investments that will create jobs, improve the economy and transform local communities,” the governor had said during the presentation of the budget tagged “Budget of Renewal” .

Obasa, while commending the lawmakers for the quick passage of the appropriation bill, directed the Clerk of the House, Barr. Olalekan Onafeko, to forward a copy of the approved budget to Sanwo-Olu for assent.

“A bill for a law to authorise the issuance and appropriation of N952,430,566,998 from the Consolidated Revenue Fund for Recurrent Expenditure and N1,315,545,553,871 from Development Fund for Capital Expenditure thereby totaling a budget size of N2,267,976,120,869 for the year ending 31st December, 2024 be passed into law,” the Speaker had raised on the floor as the budget report was read a third time.

Prior to its passage, chairman of the joint-committee on Budget and Finance, Sa’ad Olumoh, had presented a report containing some recommendations to the House.

Among the recommendations is that the Public Works Corporation, the Water Corporation and the state-owned tertiary institutions be placed on first-line charge to enable them perform optimally.