The Lagos State House of Assembly on Friday passed the state’s 2024 budget of N2.26 trillion, the biggest by any state in the country and in the annals of budgeting in the state.
The budget passed at a plenary session presided over by Speaker Mudashiru Obasa, represents 58 percent Capital Expenditure and 42 percent Recurrent Expenditure.
It was approved following a unanimous voice vote by all the lawmakers present at the sitting.
Obasa announced: “A bill for a law to authorise 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 thereby totaling a budget size of N2,267,976,120,869 for the year ending 31st December, 2024 be passed into law.”
He commended the lawmakers for their dedication and cooperation at ensuring a quick passage of the Appropriation Bill while directing the Clerk of the House, Barr. Olalekan Onafeko, to forward a copy of the approved budget to Gov. Babajide Sanwo-Olu for his assent,” a statement by Eromosele Ebhomele, the Chief Press Secretary to the Speaker, said.
Prior to its passage, Mr Sa’ad Olumoh, the Chairman of the Joint Committee on Budget and Finance, had presented a report containing some recommendations to the House.
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.
Persecondnews recalls that 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.
At the presentation of the budget by the governor, the speaker had urged the government should ensure a “functional budget.”
“It is highly important for us to apply the right indices towards ensuring a performing and functioning budget that would lift our people out of poverty and reposition the state towards infrastructural growth and renewal.
“Palliatives should move from just giving people garri, rice, beans or even money. We should have a direction that is focused, impactful and deeply backed up by effective policy implementations.
“For instance, in the name of palliative care, let there be provision of drugs at all public hospitals in the state at subsidised rates. At the same time, focus should be on a downward review of treatment costs in these hospitals,” the Speaker said during the budget presentation.
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