The Governor of Lagos State, Mr Babajide Sanwo-Olu, on Monday, assented to the N2.2tn 2024 Appropriation Bill passed into law by the state House of Assembly last week.
The state House of Assembly, on Friday, 5th of January, passed into law the N2.2tn 2024 appropriation bill at a plenary presided over by the Speaker of the House, Mudashiru Obasa.
Sanwo-Olu, on Wednesday, 13th of December, 2023, presented a budget estimate of N2.2tn for the 2024 fiscal year to the Assembly.
Assenting to the approved budget on Monday, the governor noted that there was an addition of N21.743bn by the House as against the size presented to the Assembly in December 2023.
“Just a moment ago, I assented to the Appropriation Bill as approved by the legislature. For the purpose of 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.
“The approved budget size is N21.743bn higher than what was presented to the House of Assembly due to additional provisions to enforce completion of ongoing projects,” Sanwo-Olu noted.
The budget presented to the House had a size of N2.24tn, comprising N1.02tn recurrent expenditure – 45 per cent, and N1.22tn capital expenditure, which is 55 per cent of the budget presented.
However, the assented budget comprises 58 per cent of capital expenditure and 42 per cent of recurrent expenditure.
Sanwo-Olu said the “details of the Appropriation Law will be provided by the Honourable Commissioner for Economic Planning and Budget.”
He added, “The impact of this Appropriation Law will be determined by the effectiveness of its implementation. We are determined to ensure that the goals and objectives of this budget are maximally realised for the benefit of all Lagosians and in line with our THEMES+ development agenda.
“We will work assiduously to ensure the completion of ongoing projects and ensure the effective take-off of new ones.”