The Appropriations Law of 2024, which has a total value of N2,267,976,120,869, has been modified by the Lagos State House of Assembly. The reorganisation follows a letter that State Governor Mr. Babajide Sanwo-Olu sent to the House on August 9, 2024.
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On Thursday, at the plenary session of the House, the House granted its approval following the presentation of the Committee on Economic Planning and Budget’s report and recommendations by Hon. Lukman Olumoh. These were subsequently accepted as the House’s resolution.
The overall budget size is the same, but after reordering, the capital expenditure went from N1,315,545,553,871 to N1,332,599,092,448 while the recurrent spending went from N952,430,566,998 in the initial budget to N935,377,028,422.
The Speaker, Rt. Hon. Mudashiru Obasa, declared to his colleagues that “a bill for a law to authorise 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 December 31, 2024 be passed into law.”
The Speaker then gave Barr. Olalekan Onafeko, the Clerk of the House, instructions to send a clean copy of the law to the Governor so he can sign it. Hon. Olumoh informed the House that the Governor had provided a letter outlining the reasons for the request to redistribute the budget, prior to the reordered budget being passed including the need to boost the appropriation to some Ministries, Agencies and Parastatals.
The letter requesting the reordering had also emphasised the need to meet the State Government’s commitments to the residents through the budget.
