The Lagos State House of Assembly has approved an amendment to the 2024 Appropriation Law, now set at a total of ₦2,267,976,120,869. The revision was made in response to a request from Governor Babajide Sanwo-Olu, detailed in a letter dated August 9, 2024.
On September 5, 2024, the House of Assembly, led by Speaker Mudashiru Obasa, approved the reordering after a presentation by Hon. Lukman Olumoh, Chairman of the Committee on Economic Planning and Budget. The Committee’s report and recommendations were adopted unanimously.
While the total budget remains unchanged, adjustments were made to the allocation between recurrent and capital expenditures. Recurrent expenditure was reduced from ₦952,430,566,998 to ₦935,377,028,422, and capital expenditure was increased from ₦1,315,545,553,871 to ₦1,332,599,092,448.
Speaker Obasa announced the revised budget allocation as follows: ₦935,377,028,422 from the Consolidated Revenue Fund for recurrent expenditure and ₦1,332,599,092,448 from the Development Fund for capital expenditure. This totals the revised budget size of ₦2,267,976,120,869 for the fiscal year ending December 31, 2024. The bill was passed into law with unanimous support from the Assembly members.
Following the passage, Speaker Obasa directed the Clerk of the House, Barr—Olalekan Onafeko, to forward the finalized bill to Governor Sanwo-Olu for his assent.
Hon. Olumoh explained that the reordering was necessary to enhance funding for various Ministries, Agencies, and Parastatals. The Governor’s letter also highlighted the need to meet the state’s commitments to its residents through this revised budget.
