Following his victory in the Supreme Court on Friday, which affirmed his election as winner of the March 18 governorship poll, Babajide Sanwo-Olu, the Governor of Lagos State, has signed the state’s 2024 budget of N2.2tn into law.
News About Nigeria reported that the signing of the budget into law was done at the Conference Hall of the Lagos House, Alausa, Ikeja, on Monday.
The Lagos State Governor submitted the budget on December 13, 2024, to the state House of Assembly.
After proper vetting of the appropriation bill presented to it by the Governor, the State Assembly passed the 2024 budget into law on January 5, 2024.
The passing of the budget was done at a plenary presided over by the Speaker of the Lagos State House of Assembly, Mudashiru Obasa.
In the budget titled ‘Budget of Renewal’, a sum of N1.02 trillion was budgeted for recurrent expenditure, while a sum of N1.22 trillion was for capital expenditure.
The breakdown of the budget further shows that 55 percent of the budget is for capital expenditure, while the remaining 45 percent is earmarked for recurrent expenditure.
It can be recalled that, when the Lagos State Governor presented the budget, he explained that the N2.2 trillion budget comprises a total revenue of N1.84 trillion and deficit financing of N398.283 billion.
The governor further noted that the total revenue was comprised of the state’s internally generated revenue of N1.251 trillion and total federal transfers of N596.6 billion.
The Lagos State 2024 budget is higher than that of 2023, which was a sum of N1.768 trillion and titled ‘Budget of Continuity’.