Governor Babajide Sanwo-Olu on Monday assented to the Lagos state 2024 appropriation bill into law at a ceremony in Government House, Alausa, Ikeja.
The budget comprises N1.315 trillion as capital expenditure representing 58% of the N2.267 trillion budget while the recurrent expenditure segment stood at N952.4 billion constituting 42% of the budget.
The signing of the budget comes days after the Lagos state House of Assembly approved the Governor’s budget proposal with an increase of N21.74 billion which it stated was for completion of critical infrastructure in the state.
Speaking during the ceremony, the Governor said that the budget will lead to improvement in the quality of life of residents of the state.
He stated, “The success of this Appropriation Law will be determined by how effective its implementation will be in relation to the wellbeing of our citizens. This administration is firmly committed to achieving the objectives and deliverables that have been set out in the budget. We believe this budget will not only help to advance economic growth and sustainability, it will also transform the lives of the residents and businesses”
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Sanwo-Olu assured that the State Government would maintain the highest levels of transparency and accountability in budget implementation, with the primary aim of ensuring the maximum benefit for the largest number of residents.
Mr. Ope George, the Commissioner for Economic Planning and Budget, highlighted that the State’s 2024 expenditures were determined after careful consideration of priorities outlined by the MDAs to advance the development objectives of the current administration.
Rt. Hon. Mudashiru Obasa, the Speaker, represented by the Deputy Speaker Hon. Mojisola Miranda, emphasized that the Assembly meticulously scrutinized the proposal before finalizing the bill, acknowledging the collaborative effort to ensure a comprehensive and well-considered budget.
The Governor of Lagos had in December proposed N2.246 trillion to the state’s Assembly allocating 54.4% of the budget for capital expenditure.
The initial budget proposal for 2024 increased by around N920 billion when compared with that of 2023.
However, the state’s Assembly increased the budget by around N21.74 billion before it was approved just seven days ago.