Lagos Assembly Approves Ambitious N2.267 Trillion Budget For 2024

The budget, which comprises 58 percent for Capital Expenditure and 42 percent for Recurrent Expenditure, received unanimous approval through a voice vote from all present lawmakers during the session…CONTTINUE READING

The Speaker presented the bill on the floor, stating, “A bill for a law to authorize the issuance and 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, thereby totaling a budget size of N2,267,976,120,869 for the year ending 31st December 2024, to be passed into law.” The lawmakers subsequently gave their unanimous approval.

Dr. Obasa praised the legislators for their commitment and collaboration in swiftly passing the Appropriation Bill.

He instructed the Clerk of the House, Barr. Olalekan Onafeko, to send a copy of the approved budget to Governor Babajide Sanwo-Olu for assent.

Before the passage, Hon. Sa’ad Olumoh, chairman of the joint-committee on Budget and Finance, presented a report with recommendations, including placing the Public Works Corporation, the Water Corporation, and state-owned tertiary institutions on first-line charge to enhance their performance.

Governor Sanwo-Olu, on December 13, 2023, had presented the 2024 budget proposal of N2.246 trillion to the House of Assembly, anticipating internally generated revenue of N1.251 trillion and federal government allocations of N596.629 billion.

During the budget presentation, Speaker Obasa emphasized the need for a functional budget that effectively addresses poverty alleviation, infrastructural growth, and renewal through well-planned and impactful policies, moving beyond mere distribution of basic necessities.