Lagos State House of Assembly Approves Revised 2024 Budget of N2.27 Trillion

The Lagos State House of Assembly has approved a revised 2024 budget of N2.27 trillion, which includes an additional N21 billion from the initial proposal. The original budget presented by Governor Babajide Sanwo-Olu was N2.25 trillion, with expectations of N1.25 trillion from internally generated revenue and N596.63 billion from Federal Government allocations.

The theme of the 2024 budget is “Budget of Renewal,” reflecting the government’s commitment to navigating through challenging economic times in Nigeria. Governor Sanwo-Olu acknowledged the impact of recent fiscal decisions on the cost of living and emphasized the government’s responsibility to alleviate the burdens on the people. He also highlighted the alignment of the budget with national objectives and the administration’s focus on social inclusion, gender equality, and youth development.

The approval of the budget took place during a plenary session presided over by Speaker Mudashiru Obasa. Following the unanimous voice vote by lawmakers present, the budget, which allocates 58% to Capital Expenditure and 42% to Recurrent Expenditure, was passed into law. The Speaker directed the Clerk of the House to forward a copy of the approved budget to Governor Sanwo-Olu for assent.

Before its passage, the Joint Committee on Budget and Finance presented a report containing recommendations, including placing certain state-owned institutions on first-line charge to enhance their performance. The Speaker stressed the importance of applying the proper indices to ensure a functional budget.

In summary, the Lagos State House of Assembly has approved a revised 2024 budget of N2.27 trillion, reflecting the government’s commitment to addressing economic challenges and fostering sustainable development in Lagos State.