Lagos State Assembly Approves N2.267 Trillion Budget for 2024

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The Lagos State House of Assembly greenlit the 2024 budget, totaling N2.267 trillion, initially proposed by Governor Babajide Sanwo-Olu in December 2023.

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This financial plan consists of 58% allocated for capital expenditure and 42% for recurrent expenditure, gaining unanimous approval through a voice vote from the legislative body.
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Governor Sanwo-Olu unveiled the N2.246 trillion budget proposal on December 13, 2023, highlighting expectations of N1.251 trillion in internally generated revenue and N596.629 billion in federal government allocations.

Before its approval, Sa’ad Olumoh, the Chairman of the joint-committee on Budget and Finance, presented the committee’s report, suggesting prioritizing the Public Works Corporation, the Water Corporation, and state-owned tertiary institutions for optimal performance.
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Mudashiru Obasa, the Speaker of the state House of Assembly, stressed the importance of a functional budget during the presentation in the previous year.

Obasa emphasized the need to apply appropriate measures to elevate people from poverty and redirect the state towards infrastructural growth. He suggested shifting from traditional palliatives, like giving food or money, to more focused and impactful strategies supported by effective policy implementations.

He proposed subsidizing drug provision at public hospitals and reducing treatment costs, framing it as a vital aspect of palliative care.

During plenary, Obasa stated, “A bill for a law to authorize 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 praised lawmakers for their dedication and cooperation in swiftly passing the Appropriation Bill. He directed Olalekan Onafeko, the Clerk of the House, to transmit a copy of the approved budget to Governor Sanwo-Olu for assent.

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