The Lagos State House of Assembly has amended the 2024 state budget following a request to that effect by Governor Babajide Sanwo-Olu.
The Assembly made the amendment to the State Appropriation Law following a letter sent to the House by Governor Babajide Sanwo-Olu, dated August 9, 2024.
The State Appropriation Law of 2024 has a size of N2,267,976,120,869.
According to the Government, the need to meet the unexpected requirements as well as pressing basic infrastructure to the residents Amidst the rising inflation necessitates the amendment.
At the plenary on Thursday, the House gave approval after the Chairman of the Committee on Economic Planning and Budget, Lukman Olumoh, presented the report and recommendations of the Committee which were adopted as the resolution of the House.
Although the total budget size remains the same, the recurrent expenditure was reduced from N952,430,566,998 in the original budget to N935,377,028,422, while the capital expenditure was increased from N1,315,545,553,871 to N1,332,599,092,448 following the reordering.
Speaker of the House, Mudashiru Obasa, who announced to his colleagues after an unanimous votes in favour, said:
“A bill for a law to authorise the issuance and appropriation of N935,377,028,422 from the Consolidated Revenue Fund for Recurrent Expenditure and N1,332,599,092,448 from the Development Fund for Capital Expenditure thereby totalling a revised budget size of N2,267,976,120,869 for the year ending 31st December, 2024 be passed into law.”
Obasa directed the Clerk of the House, Barr. Olalekan Onafeko, to forward a clean copy of the bill to the Governorf or his assent.
