The Lagos State House of Assembly has successfully passed the 2024 budget, amounting to N2.267 trillion. Governor Babajide Sanwo-Olu’s proposal, presented on December 13, 2023, received unanimous approval through a voice vote by the lawmakers.
The budget is structured with 58% allocated to capital expenditure and 42% to recurrent expenditure.
The detailed report presented by Chairman Sa’ad Olumoh from the joint-committee on Budget and Finance recommended placing the Public Works Corporation, the Water Corporation, and state-owned tertiary institutions on first-line charge for optimal performance. The aim is to ensure effective utilisation of resources and enhance the overall functionality of these crucial entities.
During the presentation, Speaker Mudashiru Obasa emphasised the importance of a functional budget that addresses poverty, promotes infrastructural growth, and facilitates policy implementation. Obasa highlighted the need for strategic palliatives beyond mere distribution of basic goods or money, suggesting a focus on subsidising drugs at public hospitals and reducing treatment costs.
In a decisive move during plenary, Speaker Obasa proposed a bill authorising the appropriation of N952.43 billion for recurrent expenditure and N1.32 trillion for capital expenditure, culminating in the approved budget size of N2.27 trillion for the fiscal year ending December 31, 2024. The Speaker praised the lawmakers for their dedication and cooperation in swiftly passing the Appropriation Bill.
Concluding the legislative process, Speaker Obasa directed the Clerk of the House, Olalekan Onafeko, to forward a copy of the approved budget to Governor Sanwo-Olu for assent. This marks a crucial step toward implementing the financial framework that aims to address the state’s developmental needs and foster economic growth in the coming year.