BREAKING: Lagos Assembly approves amendment to 2024 Appropriation Law
The Lagos State House of Assembly has amended the 2024 Appropriation Law, maintaining the budget size at N2.27 trillion while reallocating funds between recurrent and capital expenditures. The amendment followed a request by Governor Babajide Sanwo-Olu, in a letter dated August 9, 2024.
During Thursday’s plenary, the House approved the amendment after receiving the report and recommendations from the Committee on Economic Planning and Budget, chaired by Hon. Lukman Olumoh.
Under the reordering, the recurrent expenditure was reduced from N952.43 billion to N935.38 billion, while capital expenditure was increased from N1.32 trillion to N1.33 trillion. This adjustment reflects a shift in focus towards boosting spending on key Ministries, Agencies, and Parastatals.
“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 totalling a revised budget size of N2,267,976,120,869 for the year ending 31st December, 2024, be passed into law,” announced Speaker Rt. Hon. Mudashiru Obasa, as members unanimously voted in favor.
The Speaker directed the Clerk of the House, Barr. Olalekan Onafeko, to forward the amended budget to Governor Sanwo-Olu for assent.
Hon. Olumoh noted that the Governor’s request was driven by the need to redistribute funds to support critical state functions and fulfill commitments to Lagos residents.
