The Lagos State House of Assembly has passed into law the N2.2tn 2024 appropriation bill presented to it by Governor Babajide Sanwo-Olu.
The budget was passed on Friday at a plenary presided over by the Speaker of the House, Mudashiru Obasa.
Sanwo-Olu, on Wednesday, 14th of December, 2023, presented a budget estimate of N2.2tn for the 2024 fiscal year to the Assembly.
The budget, christened ‘Budget of Renewal’, comprises N1.02trn recurrent expenditure, which is 45 per cent of the total budget, and N1.22tn capital expenditure, which is 55 per cent of the budget.
Presenting the budget to the lawmakers, Sanwo-Olu had said, “The Year 2024 Budget, as proposed, had a total budget size of N2.24tn, comprising a total revenue of N1.84tn and deficit financing of N398.283bn.
“The total revenue comprises our Internally Generated Revenue and total federal transfers as follows: total IGR, N1.251trn; and total federal transfer, N596.6bn.
“We equally propose a recurrent expenditure of N1.021tn, comprising total overhead, total personnel cost and recurrent debt service broken down as follows:
“Total Overhead Cost: N527.782bn; this is made up of overhead, N304.753bn; subventions, N123.010bn; dedicated funds amounting to N100.02bn; total personnel cost, N319.230bn; and recurrent debt service of N174.94bn.”
Breaking down the proposed budget by sectors, the governor said Economic Affairs got the largest chunk of the 2024 budget with an estimate of N535bn.
Environment got N94bn; Health, N156bn; N199bn for Education; N50bn for Social Protection, while Public Order and Safety got N84bn.
However, the Speaker of the House, on Saturday, 16th of December, promised that the House would pass the 2024 Appropriation Bill into law as a New Year present to Lagosians.
Obasa made the promise when Sanwo-Olu paid an unscheduled visit to the venue of the budget retreat organised for members of the Assembly in Abuja.
