Lagos State Governor, Babajide Sanwo-Olu, has signed the N2.267 trillion 2024 Appropriation Bill of the state into law.
Sanwo-Olu, at a ceremony held in Alausa on Monday, January 15, assented to the “Budget of Renewal” days after the Lagos State House of Assembly passed the proposed expenditure bill and transmitted it to the executive arm for approval.
Of the total budget, N1.315 trillion, representing 58 per cent, is allocated for capital expenditure, while the recurrent spending gulped N952.4 billion, which represents 42 per cent of the budget.
After signing the budget into law, Sanwo-Olu assured that the implementation of the budget would bring about new growth and improve quality of life for the residents.
The governor disclosed that the budget was raised by N21.74 billion, which the Assembly approved before the final ratification.
The additional allocation, he said, is to ensure the completion of key infrastructure and inject interventions into critical areas of priority as identified by the legislature.
READ ALSO: Sanwo-Olu presents N2.2trn ‘Budget of Renewal’
Sanwo-Olu pledged that the Lagos State Government would uphold the highest level of transparency and accountability in the implementation of the budget while promising greatest benefits would be for residents.
The governor thanked the House of Assembly for maintaining the spirit of patriotism and duty to the people of Lagos during the period of screening the proposed budget.
Speaking, the Lagos State Commissioner for Economic Planning and Budget, Ope George, said the state’s 2024 expenditures came to full realisation, following the evaluation of priorities set by the MDAs to advance the development objectives of the current administration.
The commissioner said the government employed a Medium Term Fiscal Framework prepared based on accumulated revenue that would accrue to Lagos State.
He added that the budget reflected the needs of all the state’s five traditional divisions.
On his part, the House Speaker, Mudashiru Obasa, said the House thoroughly screened the proposal before coming out with the final draft of the bill.
Obasa, who was represented by the Deputy Speaker, Mojisola Meranda, assured Lagosians of the full implementation of the budget.
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