On Monday, Lagos State Governor, Mr. Babajide Sanwo-Olu signed 2024 Appropriation Bill of N2,26trn into law, assuring Lagosians of effective implementation.
It would be recalled that the budget estimate for the 2024 fiscal year, tagged “Budget of Renewal” was present to the Lagos State House of Assembly for consideration on December 13, 2023, was passed last week Friday and subsequently transmitted to the governor for his assent.
Speaking at the signing ceremony, which took place at the Lagos House, Alausa, Ikeja, Governor Sanwo-Olu noted that the approved budget size was N21.743billion higher than what was presented to the State Assembly “due to additional provisions to enforce completion of ongoing projects.”
The governor, while giving the breakdown, said that the capital expenditure would gulp N1,315,545,553,871, while recurrent expenditure would gulp 952,430,566,998, adding that further details of the appropriation law would be provided by the Hon. Commissioner for Economic Planning and Budget.
“Just a moment ago, I assented to the Appropriation Bill as approved by the Legislature.
“For the purpose of clarity, the approved budget size is N2,267,976,120,869 (Two trillion, two hundred and sixty seven billion, nine hundred and seventy six million, one hundred and twenty thousand, eight hundred and sixty nine naira); comprising N1,315,545,553,871 (One trillion, three hundred and fifteen billion, five hundred and forty five million, five hundred and fifty three thousand, eight hundred and seventy one naira) for Capital expenditure and 952,430,566,998 ( Nine hundred and fifty two billion, four hundred and thirty million, five hundred and sixty six thousand, nine hundred and ninety eight naira) for Recurrent expenditure (58:42),” he said.
“The approved budget size is N21.743billion higher than what was presented to the House of Assembly due to additional provisions to enforce completion of ongoing projects.
“Further details of the appropriation law will be provided by the Hon. Commissioner for Economic Planning and Budget,” he added.
Speaking further, Governor Sanwo-Olu said the impact of Appropriation Law would be determined by the effectiveness of its implementation, assuring that his administration was determined to ensure that the goals and objectives of the budget were maximally realised for the benefit of all Lagosians and in line with the state government’s THEMES+ development agenda.
Besides, he pledged that his administration would work assiduously to ensure the completion of ongoing projects and ensure the effective take off of new ones.
