In a significant development, the Lagos State House of Assembly has given the green light to the 2024 budget, amounting to a substantial N2,267,976,120,869, which includes an additional N21 billion. Originally proposed by Governor Babajide Sanwo-Olu at N2.246 trillion, the budget underscores the state’s commitment to navigating economic challenges and fostering prosperity in the wake of necessary fiscal decisions.
Themed “Budget of Renewal,” the financial plan is strategically designed to contribute significantly to the national economy while safeguarding the welfare and aspirations of every Lagosian. Aligned with the THEMES+ governing agenda, the “+” symbolizes a renewed focus on social inclusion, gender equality, and youth development.
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Speaker Mudashiru Obasa presided over the Assembly’s unanimous approval, commending lawmakers for their dedication and swift passage of the Appropriation Bill. The budget, with 58% allocated to Capital Expenditure and 42% to Recurrent Expenditure, reflects a balanced distribution aimed at addressing both developmental and day-to-day needs.
Prior to approval, the joint-committee on Budget and Finance, led by Sa’ad Olumoh, presented recommendations, including placing entities like the Public Works Corporation and Water Corporation on first-line charge to enhance optimal performance.
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During the budget presentation, Speaker Obasa stressed the importance of a functional budget, urging impactful policies that uplift citizens from poverty and contribute to infrastructural growth.
The approved budget is now on its way to Governor Sanwo-Olu for final assent, marking a crucial milestone in implementing key initiatives outlined in the “Budget of Renewal.”
Source Link: Vanguard News
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