News
Lagos Assembly Approves Reordering Of 2024 Budget Amid Rising Hardship
The Lagos State House of Assembly has revised the 2024 budget, maintaining a total amount of N2,267,976,120,869.
This adjustment was driven by a request from Governor Babajide Sanwo-Olu.
The reordering became necessary due to rising inflation and the need to address and prioritize urgent and unforeseen infrastructure demands.
Governor Sanwo-Olu communicated this need in a letter dated August 9, 2024.
During yesterday’s plenary session, the House approved the revised budget after Lukman Olumoh, Chairman of the Committee on Economic Planning and Budget, presented and recommended the changes.
The recommendations were adopted unanimously.
The revised budget reflects a reduction in recurrent expenditure from N952,430,566,998 to N935,377,028,422, while capital expenditure has been increased from N1,315,545,553,871 to N1,332,599,092,448.
Speaker Mudashiru Obasa confirmed the approval, stating, “The bill authorizing the issuance and appropriation of N935,377,028,422 for recurrent expenditure and N1,332,599,092,448 for capital expenditure, resulting in a revised budget of N2,267,976,120,869 for the year ending December 31, 2024, has been passed into law.”
Obasa then instructed Clerk of the House, Barr. Olalekan Onafeko, to submit the finalized bill to the Governor for his assent.
Source: Vanguard
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