Adewale Ajayi
Lagos State Governor, Mr. Babajide Sanwo-Olu on Monday signed the 2024 appropriation bill into law, just as he assured Lagosians of effective implementation.
The budget estimate for the 2024 fiscal year tagged ‘Budget of Renewal’ was presented to the Lagos State House of Assembly for consideration on December 13, 2023.
Sanwo-Olu at the singing ceremony revealed that the state House of Assembly, after due consideration of the budget estimate was passed last week Friday and subsequently transmitted to him for his assent.
“Just a moment ago, I assented to the Appropriation Bill as approved by the Legislature. For the purpose of clarity, the approved budget size is N2,267,976,120,869 (Two trillion, two hundred and sixty seven billion, nine hundred and seventy six million, one hundred and twenty thousand, eight hundred and sixty nine naira); comprising N1,315,545,553,871 (One trillion, three hundred and fifteen billion, five hundred and forty five million, five hundred and fifty three thousand, eight hundred and seventy one naira) for Capital expenditure and 952,430,566,998 ( Nine hundred and fifty two billion, four hundred and thirty million, five hundred and sixty six thousand, nine hundred and ninety eight naira) for Recurrent expenditure (58:42). The approved budget size is N21.743billion higher than what was presented to the House of Assembly due to additional provisions to enforce completion of ongoing projects. Further details of the appropriation law will be provided by the Hon. Commissioner for Economic Planning and Budget”, he said.
The governor said the impact of appropriation law will be determined by the effectiveness of its implementation. Noted that his administration is determined to ensure that the goals and objectives of the budget are maximally realised for the benefit of all Lagosians and in line with our THEMES+ development agenda.
He however, pledged that his administration will work assiduously to ensure the completion of ongoing projects and ensure the effective take off of new ones.