In a plenary session on Thursday, the Lagos State House of Assembly approved the reordering of the state’s Appropriation Law of 2024, which has a budget of N2.27 trillion.
The House gave its assent after Mr Lukman Olumoh, Chairman of the House Committee on Economic Planning and Budget, delivered the committee’s report and recommendations, which were approved as the House’s resolution.
The Speaker, Mr Mudashiru Obasa, indicated that the reordering was in response to a letter written to the House on August 9, 2024 by the state’s Governor, Babajide Sanwo-Olu.
Obasa stated that while the entire budget size remained the same, recurrent expenditure was decreased from N952.43 billion in the original budget to N935.38 billion.
The speaker added that while the capital expenditure was increased from N1.31 trillion to N1.33 trillion following the reordering.
“That a bill for a law to authorise the issuance and appropriation of N935.38 billion from the Consolidated Revenue Fund for Recurrent Expenditure and N1,33 trillion from the Development Fund for Capital Expenditure.
“Thereby totalling a revised budget size of N2.27 trillion for the year ending Dec. 31, 2024 be passed into law,” Obasa announced to his colleagues who unanimously voted in favour.
The speaker, thereafter, directed the Clerk of the House, Mr Olalekan Onafeko, to forward a clean copy of the bill to the governor for his assent.
Earlier, Olumoh had reminded the House that in the letter sent by Sanwo-Olu, the latter explained the rationale for the request to redistribute the budget included the need to boost the appropriation to some Ministries, Agencies and Parastatals.
Olumoh said the letter requesting the reordering had also emphasised the need to meet the state’s commitments to the residents through the budget.
