The Lagos State House of Assembly on Friday passed the state’s 2024 Appropriation Bill, which totals N2,267,976,120,869. This was at a plenary session presided over by the Speaker, Rt. Hon. Mudashiru Obasa.
The budget represents 58 per cent capital expenditure and 42 per cent recurrent expenditure, and was approved following a unanimous voice vote by all the lawmakers at the sitting.
As the budget report was read a third time, Obasa raised on the floor: “A bill for a law to authorise the issuance and appropriation of N952,430,566,998 from the Consolidated Revenue Fund for Recurrent Expenditure and N1,315,545,553,871 from Development Fund for Capital Expenditure thereby totaling a budget size of N2,267,976,120,869 for the year ending 31st December, 2024 be passed into law”.
He thereafter commended the lawmakers for their dedication and cooperation at ensuring a quick passage of the Appropriation Bill, while directing the Clerk of the House, Barrister Olalekan Onafeko to forward a copy of the approved budget to Governor Babajide Sanwo-Olu for assent.
Prior to its passage, Chairman of the joint-committee on Budget and Finance, Hon. Sa’ad Olumoh had presented a report containing some recommendations to the House.
Among the recommendations is that the Public Works Corporation, the Water Corporation and the state-owned tertiary institutions be placed on first-line charge to enable them perform optimally.
Last 13th December, Sanwo-Olu presented the 2024 budget proposal of N2.246 trillion to the House of Assembly saying that the state anticipated internally generated revenue of N1.251 trillion and federal government allocations of N596.629 billion.
During the presentation of the budget proposal by the governor, Obasa had urged the government should ensure a functional budget.
He said: “It is highly important for us to apply the right indices towards ensuring a performing and functioning budget that would lift our people out of poverty and reposition the state towards infrastructural growth and renewal.
“Palliatives should move from just giving people garri, rice, beans or even money. We should have a direction that is focused, impactful and deeply backed up by effective policy implementations.
“For instance, in the name of palliative care, let there be provision of drugs at all public hospitals in the state at subsidised rates. At the same time, focus should be on a downward review of treatment costs in these hospitals”.
