Governor Babajide Sanwo-Olu on Monday signed the N2.267 trillion 2024 Appropriation Bill of Lagos State into law at a ceremony in the State House, Alausa Ikeja.
Tagged the “Budget of Renewal”, the state government listed the key thrusts of the capital expenditures as infrastructure, environment, education and technology, just as it significantly raised allocation to security and public safety.
Of the total budget, N1.315 trillion, representing 58%, is allocated to capital expenditure, while the recurrent spending is N952.4 billion, which represents 42% of the expenditure profile for the fiscal year
Shortly after signing the Appropriation Bill into law, Sanwo-Olu assured that the implementation of the budget would bring about new growth and improved quality of life to all residents in the state.
According to him, the Appropriation Bill proposal was raised by N21.74 billion, which the Assembly approved before the final ratification to ensure completion of key infrastructure and inject interventions into critical areas of priority as identified by the legislature.
He expatiated: “The success of this Appropriation Law will be determined by how effective its implementation will be in relation to the well being of our citizens. This administration is firmly committed to achieving the objectives and deliverables that have been set out in the budget. We believe this budget will not only help to advance economic growth and sustainability, it will also transform the lives of the residents and businesses.
“All the objectives laid out in the Appropriation Law align with our THEMES+ agenda. We, therefore, pledge to diligently work towards the completion of a lot of our ongoing projects and successfully bring forth the Greater Lagos we have talked about. We underscore the necessity of the collective responsibility to ensure the successful execution of this budget. The citizens must fulfil their civic obligation, as the effort to build the State is one that requires partnership.”
Sanwo-Olu pledged that the government would uphold highest level of transparency and accountability in the implementation of the budget, while promising greatest benefits would be for greatest number of residents.
He commended the House of Assembly for maintaining spirit of patriotism and duty to the people of Lagos during the period of screening the proposed budget.
In his remarks at the event, Commissioner for Economic Planning and Budget, Mr. Ope George, said the State’s 2024 expenditures were based on the evaluation of priorities set by the MDAs to improve the development objectives of the Sanwo-Olu’s administration.
He explained that the government adopted the Medium Term Fiscal Framework for the budgetary provisions based on accumulated revenue that would accrue to the state, adding that the entire budget reflects the needs of all the State’s five traditional divisions.
The Speaker of the House of Assembly, Rt. Hon. Mudashiru Obasa, who was represented by the Deputy Speaker, Hon. Mojisola Meranda, said the Assembly thoroughly screened the provisions in the bill before passing the final draft for the governor’s assent and assured Lagos residents of full implementation of the budget
