The Lagos State House of Assembly has approved an amendment to the Appropriation Law for 2024, maintaining the budget’s total size of N2,267,976,120,869 but adjusting the allocation between recurrent and capital expenditures. The reordering was carried out in response to a request from Governor Babajide Sanwo-Olu, outlined in a letter dated August 9, 2024.
During a plenary session on Thursday, the House reviewed and adopted the report and recommendations presented by Lukman Olumoh, Chairman of the Committee on Economic Planning and Budget. The amendments reflect a strategic shift in the budget’s focus.
Under the revised budget, recurrent expenditure has been reduced from N952,430,566,998 to N935,377,028,422. In contrast, capital expenditure has been increased from N1,315,545,553,871 to N1,332,599,092,448. Despite the reallocation, the total budget remains unchanged.
The Speaker of the House, Mudashiru Obasa, confirmed the revised figures and announced the unanimous approval by the assembly. “That a bill for a law to authorize the issuance and appropriation of N935,377,028,422 from the Consolidated Revenue Fund for Recurrent Expenditure and N1,332,599,092,448 from the Development Fund for Capital Expenditure, thereby totaling a revised budget size of N2,267,976,120,869 for the year ending December 31, 2024, be passed into law,” he declared.
The Speaker instructed the Clerk of the House, Olalekan Onafeko, to send a clean copy of the amended bill to Governor Sanwo-Olu for his assent.
In his presentation, Olumoh highlighted that the governor’s letter detailed the rationale behind the budget reordering. The adjustments aim to bolster funding for specific ministries, agencies, and parastatals, aligning with the state government’s commitment to effectively meet its obligations to residents.
The budget reordering is part of broader efforts to ensure that financial resources are optimally utilized to address key developmental priorities and enhance the state’s infrastructure and services.
