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Monday, May 20, 2024

Sanwo-Olu assents to Lagos’ N2.267 trillion Budget of Renewal

Governor prioritises Economic Affairs, targets improved wellbeing for citizens in 2024

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Governor Babajide Sanwo-Olu signed the N2.267 trillion 2024 Appropriation Bill of Lagos State into law on Monday, 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 allocations to security and public safety.

Of the total budget, N1.315 trillion, representing 58 percent, is allocated for capital expenditure, while recurrent spending gulped N952.4 billion, which represents 42 percent of the budget.

After signing the Appropriation Bill into law, Sanwo-Olu said he was assured that the implementation of the budget would bring about new growth and improve the 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 the 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, but it will also transform the lives of 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 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 the highest level of transparency and accountability in the implementation of the budget, while promising that the greatest benefits would be for the greatest number of residents.
The Governor thanked the House of Assembly for maintaining a spirit of patriotism and duty to the people of Lagos during the period of screening the proposed budget.

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

The Commissioner said the government employed a 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 five of the state’s 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 the full implementation of the Appropriation Law.

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