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Lagos Assembly Approves N2.27 Trillion Budget for 2024

Lagos Assembly Approves N2.27 Trillion Budget for 2024

In a decisive move, the Lagos State House of Assembly passed the 2024 budget totaling N2,267,976,120,869 during a plenary session presided over by Speaker Rt. Hon. Mudashiru Obasa. The budget, comprising 58% Capital Expenditure and 42% Recurrent Expenditure, received unanimous approval from lawmakers present at the session.

The Speaker presented the bill, 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 Development Fund for Capital Expenditure, thereby totaling a budget size of N2,267,976,120,869 for the year ending 31st December, 2024, be passed into law.”

Dr. Obasa praised the lawmakers for their dedication and cooperation in swiftly passing the Appropriation Bill. He directed the Clerk of the House, Barr. Olalekan Onafeko, to send a copy of the approved budget to Governor Babajide Sanwo-Olu for assent.

Lagos Assembly Approves N2.27 Trillion Budget for 2024

Before the passage, Hon. Sa’ad Olumoh, chairman of the joint-committee on Budget and Finance, presented a report with recommendations. Notably, the report suggested placing the Public Works Corporation, the 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 on December 13, 2023. The budget anticipated internally generated revenue of N1.251 trillion and federal government allocations of N596.629 billion.

During the budget presentation, Speaker Obasa emphasized the importance of a functional budget that addresses poverty and propels infrastructural growth. He advocated for impactful policies, such as subsidizing drugs at public hospitals and lowering treatment costs, to ensure effective implementation of palliative measures.

The approval of the budget marks a significant step towards steering Lagos State toward a prosperous and well-supported future.

Lagos Assembly Approves N2.27 Trillion Budget for 2024

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