BREAKING: Lagos Assembly passes N2.26trn 2024 Appropriation Bill
Members of the Lagos State House of Assembly on Friday passed a total budget size of N2,267,976,120,869 for the 2024 fiscal year.
The Capital Expenditure in the budget increased to 58 percent while 42 percent Recurrent Expenditure was approved by the lawmakers.
The lawmakers approved the issuance and appropriation of N952,430,566,998 from the Consolidated Revenue Fund for Recurrent Expenditure and N1,315,545,553,871 from Development Fund for Capital Expenditure.
Earlier, the Chairman of the joint-committee on Budget and Finance, Hon. Lukmon Olumoh had presented a report on the outcome of the budget scrutiny before the House, making recommendations.
Among the recommendations is that the Public Works Corporation, the Water Corporation and the state-owned tertiary institutions be placed on first-line charge to enable them perform optimally.
Thereafter, the Speaker of the House, Rt (Hon) Mudashiru commended the lawmakers for their dedication and cooperation at ensuring a quick passage of the Appropriation Bill, directing the Clerk of the House, Barr. Olalekan Onafeko, to forward a copy of the approved budget to Governor Babajide Sanwo-Olu for assent.
WesternPost reports that Governor Babajide Sanwo-Olu had on Wednesday, December 13, 2023, presented the 2024 budget proposal of N2.246 trillion to the House of Assembly saying that the state anticipated internally generated revenue of N1.251 trillion and federal government allocations of N596.629 billion.
