The Lagos State House of Assembly on Friday passed N2,267,976,120,869 as the 2024 budget for Lagos State at a plenary session presided over by the Speaker, Rt. Hon. Mudashiru Obasa.
This is contained in a statement on the official X (formerly Twitter) handle of the Lagos State Government, on Friday.
The budget, representing 58% Capital Expenditure and 42% Recurrent Expenditure, was approved following a unanimous voice vote by all the lawmakers present at the plenary.
- “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 totalling a budget size of N2,267,976,120,869 for the year ending 31st December 2024 be passed into law,” Obasa declared on the floor as the budget report was read a third time.
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The Speaker of the Lagos State House of Assembly commended the lawmakers for their dedication to ensuring a quick passage of the Appropriation Bill for Lagos State for the 2024 fiscal year.
Thereafter, Obasa directed the Clerk of the House, Barr. Olalekan Onafeko, to forward a copy of the approved budget to Governor Babajide Sanwo-Olu for assent.
Before the eventual passage of the N2.267 trillion budget, Hon. Sa’ad Olumoh, chairman of the Joint Committee on Budget and Finance, had presented a report containing some recommendations to the House, the statement revealed.
The recommendations of Olumoh include but are not limited to allowing the Public Works Corporation, the Water Corporation and the state-owned tertiary institutions to be placed on first-line charge for effective service delivery.
Backstory
Nairametrics had on December 13, 2023, reported that Gov. Sanwo-Olu presented the 2024 budget proposal of N2.246 trillion to the Lagos State House of Assembly.
Gov. Sanwo-Olu had informed the legislative arm of the state government that the state anticipated internally generated revenue of N1.251 trillion and federal government allocations of N596.629 billion.
During the presentation of the budget proposal in December, Obasa urged the government should ensure a functional budget.
- “It is highly important for us to apply the right indices towards ensuring a performing and functioning budget that would lift our people out of poverty and reposition the state towards infrastructural growth and renewal.
- “Palliatives should move from just giving people garri, rice, beans or even money. We should have a direction that is focused, impactful and deeply backed up by effective policy implementations.
- “For instance, in the name of palliative care, let there be provision of drugs at all public hospitals in the state at subsidised rates. At the same time, focus should be on a downward review of treatment costs in these hospitals,” the Speaker was quoted saying during the budget presentation.
