The Lagos State House of Assembly yesterday passed a total of N2,267,976,120,869 as the 2024 budget of the state at a plenary session presided over by the Speaker, Dr. Mudashiru Obasa.
The budget, representing 58 per cent Capital Expenditure and 42 per cent Recurrent Expenditure, was approved following a unanimous voice vote by all the lawmakers present at the sitting.
“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 December 31, 2024, be passed into law,” the Speaker raised on the floor as the budget report was read a third time.
Obasa, thereafter, commended the lawmakers for their dedication and cooperation, which ensured a quick passage of the Appropriation Bill while directing the Clerk of the House, Olalekan Onafeko, to forward a copy of the approved budget to Governor Babajide Sanwo-Olu for assent.
Prior to its passage, Chairman of the Joint-Committee on Budget and Finance, Sa’ad Olumoh, 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 Babajide 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.
