The Lagos State House of Assembly has approved a total of N2,267,976,120,869 as the 2024 budget size of the State at a plenary session presided over by the Speaker, Rt. Hon. Mudashiru Obasa.with a N21,742,164,470bn increase from the initial proposal of N2,246,233,956,399.
It will be recalled that Governor Babajide Sanwo-Olu presented a budget size consisting a recurrent expenditure of N1.021,954trn (45%) and capital expenditure of N1.224,280trn (55%).
Consequently, the lawmakers present during Friday plenary approved 58 percent as Capital Expenditure and 42 percent Recurrent Expenditure following a unanimous voice vote by all after the sectoral breakdown of personnel, overhead cost and capital project provision for Ministries, Departments and Agencies of government.
“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.
Obasa, thereafter, commended the lawmakers for their dedication and cooperation at ensuring a quick passage of the Appropriation Bill while directing the Clerk of the House, Barr. Olalekan Onafeko, to forward a copy of the approved budget to Governor Babajide Sanwo-Olu for assent.
Prior to its passage, Hon. Sa’ad Olumoh, chairman of the joint-committee on Budget and Finance, 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.
Governor Sanwo-Olu had on Wednesday, December 13, 2023, presented the 2024 budget proposal of N2.246 trillion to the House of Assembly saying that the state anticipated internally generated revenue of N1.251 trillion and federal government allocations of N596.629 billion.