Governor Babajide Sanwo-Olu has officially signed the 2024 Appropriation Bill into law, incorporating an additional N21.74 billion, bringing the total budget to N2.267 trillion from the originally proposed N2.246 trillion ‘Budget of Renewal.’
The signing took place on Monday at the Lagos House Ikeja.
Speaking at the event, Governor Sanwo-Olu clarified the budget’s size, stating, “The approved budget size is N2,267,976,120,869; comprising N1,315,545,553,871 for capital expenditure and N952,430,566,998 for recurrent expenditure, a ratio of 58:42.”
”The approved budget size is N21.74 billion higher than what was presented to the House of Assembly due to additional provisions to enforce completion of ongoing projects.”
He attributed the increase to additional provisions aimed at completing ongoing projects, emphasizing the importance of effective budget implementation.
Sanwo-Olu reiterated his administration’s commitment to realizing the budget’s goals in line with the THEMES+ development agenda and urged residents to actively contribute to its successful execution.
In a statement on his X handle, governor Sanwo-Olu tweeted, “Today, I signed the N2.267 trillion 2024 Appropriation Bill of Lagos State into law, marking the start of a new expenditure cycle.
“This Budget of Renewal prioritizes infrastructure, environment, education, and technology, with increased allocation for security and public safety.
“Of the total budget, 58% goes to capital expenditure, while 42% is for recurrent spending. The additional allocation of N21.74 billion, approved by the Assembly, aims to complete key infrastructure and address priority areas.
“The successful implementation of this budget is crucial for the citizens’ well-being and aligns with our THEMES+ agenda, aiming to transform lives and businesses.
“I assure you all that transparency and accountability will be our watchword in the implementation of this budget and I thank the Lagos State House of Assembly for their dedication to the people of Lagos during the budget review.”
Ada Peter
