The Lagos State House of Assembly has passed a total budget of N2.268 trillion for the fiscal year 2024. The announcement comes after the presentation of the budget proposal by Governor Babajide Sanwo-Olu on December 13, 2023.
Presided over by the Speaker, Mr Mudashiru Obasa, all lawmakers present at the plenary voiced their approval for the budget’s passage, marking a significant milestone in the state’s financial planning.
Governor Sanwo-Olu had outlined the key components of the budget proposal, which included an anticipated internally generated revenue of N1.251 trillion and Federal Government allocations of N596.629 billion. Notably, the budget allocates 58 per cent to Capital Expenditure and 42 per cent to Recurrent Expenditure, reflecting a strong focus on infrastructure and development.
The approved budget includes a bill authorising the issuance and appropriation of N952.43 billion from the Consolidated Revenue Fund for Recurrent Expenditure, as well as N1.315 trillion from the Development Fund for Capital Expenditure. The cumulative budget size for the year ending December 31, 2024, now stands at N2.268 trillion.
Speaker Obasa expressed his appreciation for the dedication and cooperation of the lawmakers in swiftly passing the Appropriation Bill. He instructed the House Clerk, Mr Olalekan Onafeko, to send an official copy of the approved budget to Governor Babajide Sanwo-Olu for his assent.
Prior to the budget’s passage, Mr Sa’ad-Lukman Olumoh, Chairman of the Joint-Committee on Budget and Finance, presented a report containing several recommendations to the House. One notable recommendation was to place the Public Works Corporation, the Water Corporation, and state-owned tertiary institutions on first-line charge to enhance their operational efficiency.
During the budget presentation by Governor Sanwo-Olu, Speaker Obasa had urged the government to ensure a functional budget that would effectively address the needs and aspirations of Lagos State residents.
The unanimous approval of the N2.268 trillion budget signifies a united effort by the Lagos State Assembly to promote growth and development in the state, addressing critical areas such as infrastructure, education, and public services.
