The Lagos State House of Assembly has passed the state’s 2024 budget, totaling N2,267,976,120,869, at a plenary session presided over by Speaker, Rt. Hon. Mudashiru Obasa. The budget, comprising 58 percent Capital Expenditure and 42 percent Recurrent Expenditure, received unanimous approval from the lawmakers present.
The Speaker proposed the passage of a bill authorizing the appropriation of N952,430,566,998 from the Consolidated Revenue Fund for Recurrent Expenditure and N1,315,545,553,871 from the Development Fund for Capital Expenditure, resulting in the total budget size. Speaker Obasa commended the legislators for their diligence and cooperation in swiftly passing the Appropriation Bill. He directed the Clerk of the House, Barr. Olalekan Onafeko, to forward the approved budget to Governor Babajide Sanwo-Olu for assent.
Before the budget’s passage, Hon. Sa’ad Olumoh, chairman of the joint-committee on Budget and Finance, presented a report with recommendations to the House. The recommendations included placing the Public Works Corporation, Water Corporation, and state-owned tertiary institutions on first-line charge to enhance their performance.
Governor Sanwo-Olu had presented the 2024 budget proposal of N2.246 trillion to the House, anticipating internally generated revenue of N1.251 trillion and federal government allocations of N596.629 billion. During the presentation, Speaker Obasa emphasized the need for a functional budget that would uplift the people and drive infrastructural growth.
Source: Daily Trust