Breaking: Lagos Assembly Approves Reordering Of 2024 Budget -Increases Capital Expenditure

The Lagos State House of Assembly has amended the Appropriation Law of 2024 that has a size of N2,267,976,120,869.

The reordering is sequel to a letter dated August 9, 2024 and sent to the House by the State Governor, Mr. Babajide Sanwo-Olu.

The House at plenary on Thursday gave the approval after the Chairman of the Committee on Economic Planning and Budget, Hon. Lukman Olumoh, presented the report and recommendations of the Committee which were adopted as the resolution of the House.

Though the total budget size remains the same, the recurrent expenditure was reduced from N952,430,566,998 in the original budget to N935,377,028,422 while the capital expenditure was increased from N1,315,545,553,871 to N1,332,599,092,448 following the reordering.

“That a bill for a law to authorise the issuance and appropriation of N935,377,028,422 from the Consolidated Revenue Fund for Recurrent Expenditure and N1,332,599,092,448 from the Development Fund for Capital Expenditure thereby totalling a revised budget size of N2,267,976,120,869 for the year ending 31st December, 2024 be passed into law,” the Speaker, Rt. Hon. Mudashiru Obasa, announced to his colleagues who unanimously voted in favour.

The Speaker, thereafter, directed the Clerk of the House, Barr. Olalekan Onafeko, to forward a clean copy of the bill to the Governor for his assent.

Prior to the passage of the reordered budget, Hon. Olumoh reminded the House that in the letter sent by the Governor, the latter explained that the rationale for the request to redistribute the budget included the need to boost the appropriation to some Ministries, Agencies and Parastatals.

The letter requesting the reordering had also emphasised the need to meet the State Government’s commitments to the residents through the budget.