The Lagos State House of Assembly has approved a reordering of the 2024 budget, following a request from Governor Babajide Sanwo-Olu.
While the total budget size remains unchanged at ₦2.27 trillion, significant adjustments have been made to its allocation.
The capital expenditure has been increased to ₦1.33 trillion, up from the original ₦1.32 trillion. Conversely, the recurrent expenditure has been reduced to ₦935 billion from ₦952 billion.
“That 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,” the Speaker, Rt. Hon. Mudashiru Obasa, announced to his colleagues who unanimously voted in favour.
The revised budget bill will now be forwarded to Governor Sanwo-Olu for his assent.
