Emmanuel OchayiGovernor Babajide Sanwo-Olu has signed the 2024 appropriation bill into law, unveiling a robust N2.267 trillion budget that reflects N920 billion increase from the previous year, aimed at transforming the economic landscape of Lagos State.
The ceremony, held at the Government House in Alausa, Ikeja, witnessed the governor’s enthusiastic endorsement of a budget that allocates N1.315 trillion, representing 58%, to capital expenditure, and N952.4 billion, constituting 42%, to recurrent expenditure.
This signifies a strategic focus on infrastructure development, a move applauded by stakeholders who anticipate a significant impact on the state’s socio-economic landscape.
The budget’s monumental increase follows the Lagos State House of Assembly’s recent approval of the governor’s proposal, which saw an additional N21.74 billion allocated for the completion of critical infrastructure projects.
Governor Sanwo-Olu, in his address during the ceremony, emphasized the transformative potential of the budget on the lives of Lagos residents.
“The success of this Appropriation Law will be determined by how effective its implementation will be in relation to the wellbeing of our citizens,” Governor Sanwo-Olu declared. “We believe this budget will not only help to advance economic growth and sustainability, it will also transform the lives of the residents and businesses.”
Promising transparency and accountability in budget execution, the governor assured residents that the State Government would uphold the highest standards throughout the implementation process.
READ ALSO: Just In: Gov Sanwo-Olu Presents N2.246trn Budget For 2024
Commissioner for Economic Planning and Budget, Mr. Ope George, echoed this commitment, explaining that the budget was meticulously crafted to align with the development objectives outlined by various ministries, departments, and agencies.
Rt. Hon. Mudashiru Obasa, the Speaker, represented by Deputy Speaker Hon. Mojisola Miranda, highlighted the Assembly’s rigorous scrutiny of the proposal.
He commended the collaborative effort involved in shaping a comprehensive and well-considered budget, demonstrating the commitment of both the executive and legislative arms to the welfare of Lagosians.
The budget, proposed at N2.246 trillion in December, now stands as a testament to the government’s responsiveness to the needs of the growing metropolis.
With a nearly one-trillion-naira increase from the 2023 budget, Lagos State is poised for a transformative fiscal year, setting the stage for unprecedented development and growth.
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