Sanwo-Olu signs N2.2trn 2024 budget into law
Mr Babajide Sanwo-Olu, Governor of Lagos State has signed the 2024 Appropriation Bill into law on Monday.
The Governor signed the budget at a brief ceremony attended by the Deputy Governor, Dr. Obafemi Hamzat, Lagos State Speaker of the House of Assembly, Rt.Hon.Mudashiru Obasa, Secretary to the State Government, Mrs. Bimbola Salu-Hundeyin, members of the State Executive Council and members of the House of Assembly, led by Deputy Speaker Mrs Mojisola Meranda.
Sanwo-Olu had on December 13, 2023 presented a N2.2 trillion ‘Budget of Renewal’ to the House of Assembly for consideration and approval.
Subsequently, the House raised the total budget size to N2.267 trillion, with N1.315 trillion allocated to capital expenditure and N952 billion allocated to recurrent expenditure.
The budget size represents a ratio of 58:42.
According to Sanwo-Olu, shortly after signing the budget, “The approved budget size is N21.743 billion higher than what was presented to the House of Assembly due to additional provisions to enforce completion of ongoing projects.
“The impact of this appropriation law will be determined by the effectiveness of its implementation.
“We are determined to ensure that the goals and objectives of this budget are maximally realised for the benefit of all Lagosians and in line with our THEMES+ development agenda.
“We will work assiduously to ensure the completion of ongoing projects and ensure the effective take-off of new ones.
“Let me reiterate the importance of everyone playing their roles in the successful implementation of this budget, especially the commitment of citizens to discharging their civic obligations as and when due.
“As a government, we will continue to be guided by the highest standards of transparency and accountability in the management of resources put in our care.
“I also thank the Speaker, Mudashiru Obasa, and all members for their cooperation and commitment which ensured the expeditious consideration and passage of the budget,” the Governor said.
