Gov Sanwo-Olu Signs Lagos 2024 Budget With N21.74 Billion Increase

The budget, known as the 'Budget of Renewal', has been revised to a total of N2.267 trillion, with an additional N21.74 billion added to the originally proposed N2.246 trillion.

Adoga Stephen By Adoga Stephen - Editor-In-Chief
3 Min Read

The Governor of Lagos State, Babajide Sanwo-Olu, has officially signed the 2024 Appropriation Bill into law.

The budget, known as the ‘Budget of Renewal’, has been revised to a total of N2.267 trillion, with an additional N21.74 billion added to the originally proposed N2.246 trillion.

The signing of the budget took place on Monday at Lagos House, Ikeja. Governor Sanwo-Olu highlighted the importance of the budget and its impact on the state.

He said: ”For the purpose of clarity, the approved budget size is N2,267,976,120,869, comprising N1,315,545,553,871 for capital expenditure and N952,430,566,998 for recurrent expenditure, a ratio of 58:42.

”The approved budget size is N21.74 billion higher than what was presented to the House of Assembly due to additional provisions to enforce completion of ongoing projects.”

Sanwo-Olu emphasized that the effectiveness of implementing the budget would determine its impact.

The Lagos State Governor also stated that the government is committed to ensuring the budget’s goals and objectives are achieved, in line with the THEMES+ development agenda, and benefiting all residents.

Sanwo-Olu further highlighted that his administration will work diligently to complete ongoing projects and initiate new ones successfully.

He urged all residents to actively contribute to the budget’s execution by fulfilling their civic responsibilities with unwavering commitment and punctuality.

It reads: “Today, I signed the N2.267 trillion 2024 Appropriation Bill of Lagos State into law, marking the start of a new expenditure cycle.

“This Budget of Renewal prioritizes infrastructure, environment, education, and technology, with increased allocation for security and public safety.

“Of the total budget, 58% goes to capital expenditure, while 42% is for recurrent spending. The additional allocation of N21.74 billion, approved by the Assembly, aims to complete key infrastructure and address priority areas.

“The successful implementation of this budget is crucial for the citizens’ well-being and aligns with our THEMES+ agenda, aiming to transform lives and businesses. Following the budget signing event, Sanwo-Olu issued a statement on his X handle.

“I assure you all that transparency and accountability will be our watchword in the implementation of this budget, and I thank the Lagos State House of Assembly for their dedication to the people of Lagos during the budget review.”

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By Adoga Stephen Editor-In-Chief
Stephen studied Mass Communication at the Lagos State Polytechnic, Ikorodu (now Lagos State University of Science and Technology), where he acquired requisite training for the practice of journalism. He loves the media, and his interest mostly lies in print medium, where his creative writing skill makes him a perfect fit.