The Lagos State House of Assembly has amended the Appropriation Law of 2024 which has a size of N2.267 trillion.
The reordering followed a request in a letter dated August 9, 2024, sent to the House by Governor Babajide Sanwo-Olu.
The House, during plenary on Thursday, approved the request 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.
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Though the total budget size remains the same, the recurrent expenditure was reduced from N952.43bn in the original budget to N935.37bn while the capital expenditure was increased from N1.315trn to N1.332trn following the reordering.
“That a bill for a law to authorise the issuance and appropriation of N935.37bn from the Consolidated Revenue Fund for Recurrent Expenditure and N1.33trn from the Development Fund for Capital Expenditure thereby totalling a revised budget size of N2.26trn for the year ending December 31, 2024 be passed into law,” the speaker, Mudashiru Obasa, announced to his colleagues who unanimously voted in favour.
The speaker, thereafter, directed Olalekan Onafeko, the clerk of the House, to forward a clean copy of the bill to the state governor for his assent.
Before the passage of the reordered budget, Olumoh reminded the House that in the letter sent by the governor, the latter explained that the rationale for the request to redistribute the budget included the need to boost the appropriation to some ministries, agencies and parastatals.
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The letter requesting the reordering also emphasised the need to meet the state government’s commitments to the residents through the budget.
