Lagos Assembly Passes N2.267trn  Budget For 2024 - The Top Society

Lagos Assembly Passes N2.267trn  Budget For 2024


Lagos State House of Assembly on Friday passed a total of N2.267 trillion  as the 2024 budget for the State, which was N 21 billion above what the state governor presented in December 2023.

The budget which  represents 58 percent Capital Expenditure and 42 percent Recurrent Expenditure was approved following an unanimous voice vote by  the lawmakers present at the sitting.

“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,” the Speaker of the House Mudashiru Obasa read to the hearing of the lawmakers  on the floor  the House as the budget report was read a third time.

Dr. Obasa, thereafter, commended the lawmakers for their dedication and cooperation at ensuring a quick passage of the Appropriation Bill while he  directed the Clerk of the House, Barr. Olalekan Onafeko, to forward a copy of the approved budget to the State  Governor Babajide Sanwo-Olu for assent.

Prior to its passage, Hon. Sa’ad Olumoh, chairman of the House joint-committee on Budget and Finance, had presented a report containing some recommendations to the House.

Among the recommendations was 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.

Governor 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.

It will  be recall that Obasa, during the presentation of the budget by the governor, urged the government to 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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