The Lagos State House of Assembly has revised the 2024 Appropriation Law, which has a total value of N2.267 trillion.
This budget reordering was initiated following a request from Governor Babajide Sanwo-Olu in a letter dated August 9, 2024. The House approved the governor’s request during Thursday’s plenary session, after Lukman Olumoh, chairman of the committee on economic planning and budget, presented the committee’s report and recommendations, which the House adopted as its resolution.
Although the overall budget size remains unchanged, there were adjustments made. The recurrent expenditure was reduced from N952.43 billion in the original budget to N935.37 billion, while capital expenditure increased from N1.315 trillion to N1.332 trillion as part of the reordering.
Announcing the decision, Speaker Mudashiru Obasa stated, “A bill for a law to authorize the issuance and appropriation of N935.37 billion from the Consolidated Revenue Fund for Recurrent Expenditure and N1.33 trillion from the Development Fund for Capital Expenditure, thereby totaling a revised budget size of N2.26 trillion for the year ending December 31, 2024, be passed into law.” The bill was unanimously supported by the members of the House.
Following the approval, the Speaker instructed the clerk of the House, Olalekan Onafeko, to send a finalized copy of the bill to the governor for his signature.
Before the budget’s passage, Olumoh reminded the Assembly that the governor’s request for the reordering was based on the need to enhance allocations to certain ministries, agencies, and parastatals. The letter from the governor also stressed the importance of ensuring that the state government meets its obligations to residents through the budget.
