Sanwo-Olu signs N2.267 trn budget into law

 

IKEJA, Lagos, Nigeria – Governor Babajide Sanwo-Olu, on Monday, signed the N2.267 trillion 2024 Appropriation Bill of Lagos State into law, ushering in a new expenditure cycle.

The Governor, at a ceremony held in the State House, Alausa, assented to the “Budget of Renewal” days after the House of Assembly passed the proposed expenditure bill and transmitted it to the executive arm for approval.

The State Government is prioritising spending on 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 per cent, is allocated for capital expenditure, while the recurrent spending gulped N952.4 billion, which represents 42 per cent of the budget.

After signing the Appropriation Bill into law, Sanwo-Olu said assured that the implementation of the budget would bring about new growth and improve quality of life for the State’s residents.

The Governor disclosed that the budget was raised by N21.74 billion, which the Assembly approved before the final ratification. The additional allocation, he said, is to ensure completion of key infrastructure and inject interventions into critical areas of priority as identified by the legislature.

He said: “The success of this Appropriation Law will be determined by how effective its implementation will be in relation to the wellbeing 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 State 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.

The Governor thanked the House of Assembly for maintaining spirit of patriotism and duty to the people of Lagos during the period of screening the proposed budget.

Commissioner for Economic Planning and Budget, Mr. Ope George, said the State’s 2024 expenditures came to full realisation, following the evaluation of priorities set by the MDAs to advance the development objectives of the current administration.

The Commissioner said the Government employed Medium Term Fiscal Framework prepared based on accumulated revenue that would accrue to the State. He added that the entire budget reflected the needs of all the State’s five traditional divisions.

Speaker, Rt. Hon. Mudashiru Obasa, said the Assembly thoroughly screened the proposal before coming out with the final draft of the bill.

Obasa, who was represented by the Deputy Speaker, Hon. Mojisola Meranda, assured Lagosians of full implementation of the Appropriation Law.