The Lagos State House of Assembly has approved an amendment to the 2024 Appropriation Law, maintaining the overall budget size at N2,267,976,120,869. The amendment, which follows a letter from Governor Babajide Sanwo-Olu dated August 9, 2024, was passed during a plenary session on Thursday.
The revision involved a reordering of the budgetary allocations, as presented by Hon. Lukman Olumoh, Chairman of the Committee on Economic Planning and Budget. The House adopted the Committee’s report and recommendations, which led to significant changes in expenditure allocations.
Under the new arrangement, recurrent expenditure has been reduced from N952,430,566,998 to N935,377,028,422. In contrast, capital expenditure has been increased from N1,315,545,553,871 to N1,332,599,092,448. This adjustment reflects a strategic shift to enhance funding for capital projects.
Speaker Rt. Hon. Mudashiru Obasa announced that the bill authorizing the revised budget—comprising N935,377,028,422 for recurrent expenditure and N1,332,599,092,448 for capital expenditure, totaling the revised figure of N2,267,976,120,869—was passed unanimously. The Speaker instructed the Clerk of the House, Olalekan Onafeko, to send a clean copy of the bill to the Governor for his assent.
Hon. Olumoh explained that the Governor’s request for the budget reordering aimed to increase appropriations for specific Ministries, Agencies, and Parastatals, as well as to fulfill the State Government’s commitments to its residents. The adjustments are intended to better align the budget with the state’s development goals and priorities.
