Governor Babajide Sanwo-Olu of Lagos State on Monday signed the 2024 Appropriation Bill into law, with an addition of N21.74 billion on the initial N2.246 trillion ‘Budget of Renewal’ presented.
Speaking during the signing ceremony at the Lagos House Ikeja, the governor stated that the budget size now stands at N2.267 trillion as against the initial N2.246 trillion.
”For the purpose of clarity, the approved budget size is N2,267,976,120,869; comprising N1,315,545,553,871 for capital expenditure and N952,430,566,998 for recurrent expenditure, a ratio of 58:42.
”The approved budget size is N21.74 billion higher than what was presented to the House of Assembly due to additional provisions to enforce completion of ongoing projects,” he said.
According to him, the impact of the budget would be determined by the effectiveness of its implementation.
He added that the government was determined to ensure that the goals and objectives of the budget were maximally realised, for the benefit of all residents and in line with the THEMES+ development agenda.
Sanwo-Olu noted that the government will work assiduously to ensure the completion of ongoing projects and the effective takeoff of new ones.
He called on all residents to play their roles in the successful implementation of the budget, committedly discharging their civic obligations as and when due.