The Lagos State House of Assembly has approved an amendment to the Appropriation Law of 2024, which maintains the total budget size at N2,267,976,120,869.
This adjustment follows a request from Governor Babajide Sanwo-Olu, as detailed in a letter dated August 9, 2024.
During the plenary session on Thursday, the House directed Chairman of the Committee on Economic Planning and Budget Lukman Olumoh to present and discuss the committee’s report and recommendations, which were subsequently adopted.
The revised budget reflects a reordering of expenditure priorities. The recurrent expenditure was reduced from N952,430,566,998 to N935,377,028,422, while capital expenditure was increased from N1,315,545,553,871 to N1,332,599,092,448. The adjustments aim to align the budget with the state’s developmental goals and commitments.
Speaker Mudashiru Obasa announced the resolution of the House, noting the revised budget’s total allocation for the year ending December 31, 2024, and confirming that a bill for this law would be passed.
The bill authorizes the issuance and appropriation of funds from the Consolidated Revenue Fund for recurrent expenditure and from the Development Fund for capital expenditure.
Following the passage, the Speaker instructed Clerk Olalekan Onafeko to send a clean copy of the amended bill to Governor Sanwo-Olu for final assent. Olumoh highlighted that the governor’s request for the budget reordering aimed to enhance funding for various ministries, agencies, and parastatals and to fulfill the state government’s commitments to its residents.
