Governor Babajide Sanwo-Olu Signs The 2024 Appropriation Bill into Law
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| Lagos State Governor, Babajide Sanwo-Olu |
Gov. Sanwo-Olu signs a N2.267 trillion budget with N1.31 trillion in capital expenditures into law for 2024
The Lagos state 2024 appropriations bill was signed into law by Governor Babajide Sanwo-Olu on Monday during a ceremony held at Government House, Alausa, Ikeja.
The budget's capital expenditures total N1.315 trillion, or 58% of the N2.267 trillion total, while the budget's recurrent expenses total N952.4 billion, or 42% of the total.
Days after the Lagos State House of Assembly approved the governor's budget proposal with an increase of N21.74 billion, stating that the money was for the completion of the state's essential infrastructure, the budget was signed.
The governor made a statement during the event stating that the budget will raise the standard of living for state citizens.
He stated, “The success of this Appropriation Law will be determined by how effective its implementation will be in relation to the wellbeing of our citizens. This administration is firmly committed to achieving the objectives and deliverables that have been set out in the budget. We believe this budget will not only help to advance economic growth and sustainability, it will also transform the lives of the residents and businesses.”
Budget to be executed with transparency
Sanwo-Olu promised that the State Government would uphold the highest standards of accountability and transparency in implementing the budget, with the main goal being to guarantee the greatest possible benefit for the greatest possible number of citizens.
The State's 2024 expenditures were decided after careful consideration of the priorities outlined by the MDAs to further the administration's development goals, as stated by Mr. Ope George, Commissioner for Economic Planning and Budget.
The Assembly carefully examined the proposal before passing the bill, as stressed by Speaker Rt. Hon. Mudashiru Obasa, who was represented by Deputy Speaker Hon. Mojisola Miranda. The Assembly recognized the cooperative effort to guarantee a thorough and well-thought-out budget.
Things to be aware of
The Lagos governor had suggested to the state assembly in December that N2.246 trillion be set aside for capital expenditures, or 54.4% of the total budget.
Compared to the budget proposal for 2023, the initial budget for 2024 increased by about N920 billion.
But just seven days ago, the state Assembly approved a budget that had been increased by about N21.74 billion.
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