The Lagos State House of Assembly led by the Speaker, Rt Hon. Mudashiru Obasa, at Friday’s plenary, approved a total of N2,267,976,120,869 as the 2024 budget of the state.
The Informant247 reports that the Lagos State Governor Babajide Sanwo-Olu, in December last year, presented a budget estimate of N2.2 trillion to the State Assembly.
The budget, entitled “Budget of Renewal”, comprising N1.02 trillion recurrent expenditure, which is 45 per cent of the total budget, and N1.22 trillion capital expenditure, which is 55 per cent of the budget, was presented at the Chamber of the Lagos State House of Assembly, Assembly Complex, Alausa, Ikeja.
Meanwhile, the budget, which represented 58 percent Capital Expenditure and 42 percent 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 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 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, which include Public Works Corporation, the Water Corporation and the state-owned tertiary institutions be placed on first-line charge to enable them perform optimally.