The Lagos State House of Assembly on Friday passed a total of ₦2.268 trillion as the 2024 budget size of the state.
The House approved the passage of the budget following a unanimous voice by all the lawmakers present at the plenary presided over by the Speaker, Mudashiru Obasa.
The News Agency of Nigeria (NAN) recalls that Governor Babajide Sanwo-Olu had on Dec. 13, 2023, presented the 2024 budget proposal of ₦2.246 trillion to the assembly.
The Governor said the state anticipated internally generated revenue of ₦1.251 trillion and Federal Government allocations of ₦596.629 billion.
According to Obasa, the budget represents 58 per cent Capital Expenditure and 42 per cent Recurrent Expenditure.
“A bill for a law to authorise the issuance and appropriation of ₦952.43 billion from the Consolidated Revenue Fund for Recurrent Expenditure.
“Also N1.315 trillion from Development Fund for Capital Expenditure thereby totaling a budget size of N2.268 trillion for the year ending Dec. 31, 2024.
“This estimate is hereby passed into law,” the speaker raised on the floor as the budget report was read a third time.
Obasa, thereafter, commended the lawmakers for their dedication and cooperation at ensuring a quick passage of the Appropriation Bill.
He directed the Clerk of the House, Olalekan Onafeko, to forward a clean copy of the approved budget to Gov. Babajide Sanwo-Olu for assent.
Before its passage of the budget, the Chairman of the Joint Committee on Budget and Finance, Sa’ad-Lukman Olumoh, had presented a report containing some recommendations to the House.
Among the recommendations was that the Public Works Corporation, the Water Corporation and the state-owned tertiary institutions be placed on first-line charge to enable them to perform optimally.
NAN reports that Obasa, during the presentation of the budget by the Governor, had urged the government to ensure a functional budget.