Lagos State Governor Babajide Sanwo-Olu has signed the 2024 Appropriation Bill into law, adding N21.74 billion to the initial N2.246 trillion ‘Budget of Renewal’ presented. During the signing event at Lagos House Ikeja, Sanwo-Olu stated that the budget amount had increased from N2.246 trillion to N2.267 trillion.
”For 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. The governor said the impact of the budget would be determined by the effectiveness of its implementation.
He said 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.
According to him, the government will work assiduously to ensure the completion of ongoing projects and ensure the effective take-off of new ones. He urged all residents to play their roles in the successful implementation of the budget, committedly discharging their civic obligations as and when due.
”As a government, we will continue to be guided by the highest standards of transparency and accountability in the management of resources put in our care,” the governor said.
He thanked the Speaker of the Lagos State House of Assembly, Mr Mudashiru Obasa, and all members of the assembly for their cooperation and commitment, which ensured the expeditious consideration and passage of the budget.
Speaking earlier on behalf of the Speaker, the Deputy Speaker, Mrs Mojisola Meranda, said the budget had been thoroughly looked at by the assembly members and all necessities put in place. Naira Rises by 19% as Forex Market Pressures Ease
Also speaking, the Commissioner For Economic Planning and Budget, Mr Ope George, said to put up an all-encompassing budget, the ministry held fora at the five divisions (Ikorodu, Ikeja, Epe, Badagry, and Lagos Island) of the state.
George said that such fora helped to understand the needs of the different divisions, which assisted in guiding the budget development.
