The Lagos State House of Assembly has approved Governor Babajide Sanwo-Olu’s N2.267 trillion budget for 2024.
The budget, which included 58% capital spending and 42% recurrent expenditure, was adopted by parliamentarians in a unanimous voice vote.
On December 13, 2023, Governor Sanwo-Olu presented the House with a N2.246 trillion budget plan for 2024, stating that the state expected internally produced revenue of N1.251 trillion and federal government allocations of N596.629 billion.
Prior to its passage, Sa’ad Olumoh, Chairman of the Joint Committee on Budget and Finance, presented a committee report recommending that the Public Works Corporation, Water Corporation, and state-owned tertiary institutions be placed on first-line charge to enable them to perform optimally.
The speaker of the state House of Assembly, Mudashiru Obasa, during the presentation last year, says the government should ensure a functional budget.
According to Obasa, “It is highly important for us to apply the right indices towards ensuring a performing and functioning budget that would lift our people out of poverty and reposition the state towards infrastructural growth and renewal.
“Palliatives should move from just giving people garri, rice, beans or even money. We should have a direction that is focused, impactful and deeply backed up by effective policy implementations.
“For instance, in the name of palliative care, let there be provision of drugs at all public hospitals at subsidised rates. At the same time, focus should be on a downward review of treatment costs in these hospitals.”
During plenary Obasa said: “A bill for a law to authorise 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.”
The speaker also commended the lawmakers for their dedication and cooperation at ensuring a quick passage of the Appropriation Bill, and directed the Clerk of the House, Olalekan Onafeko, to forward a copy of the approved budget to Governor Sanwo-Olu for assent.