Sanwo-Olu assents to N2.2trn 2024 Lagos budget

Sharon EboesomiJanuary 16, 20243 min

Sanwo-Olu assured Lagosians that technology, education, infrastructure, and environment will all receive greater priority in the 2024 budget

Sanwo-Olu assents to N2.2trn 2024 budget
Babajide Sanwo-Olu

The Governor of Lagos State, Babajide Sanwo-Olu on Monday, signed the N2.267 trillion 2024 Appropriation Bill for Lagos State into law, assuring Lagosians of effective implementation.

Recall that the budget estimate for the 2024 fiscal year tagged ‘Budget of Renewal’ was presented to the Lagos State House of Assembly for consideration on December 13, 2023.

Sanwo-Olu however, at a ceremony held in the State House, Alausa, assented to the budget days after the State House of Assembly passed the proposed expenditure bill and transmitted it to the executive arm for approval.

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

READ ALSO: 2024 budget breakdown: see ministries with increased allocations

After signing the appropriations bill into law, Sanwo-Olu promised that the budget’s implementation would spur new growth in the State.

In his remarks at the event, the governor emphasised that the State Government has increased funding for public safety and security while placing a higher priority on technology, education, infrastructure, and the environment.

“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, it will also transform the lives of the residents and businesses.

“All the objectives laid out in the Appropriation Law align with our THEMES + development 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 the 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.”

While pledging that the majority of residents would benefit the most from the budget, Sanwo-Olu promised that the State Government would maintain the highest standards of accountability and transparency in its execution.

Sharon Eboesomi

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