News

JUST IN: Lagos Assembly Raises, Okays N2.267trn 2024 Budget

Published

2 years ago

January 5, 2024

The Lagos State House of Assembly, on Friday, approved a total of N2,267,976,120,869, as the 2024 budget of the state with a slight addition to earlier size.

Recall that Lagos State Governor, Babajide Sanwo-Olu, Sanwo-Olu had on Wednesday, December 13, 2023, presented the 2024 budget proposal of N2.246 trillion to the House for approval saying that the state anticipated internally generated revenue of N1.251 trillion and Federal Government allocations of N596.629 billion.

Presenting the 2024 appropriation bill for the fiscal year, themed: “Budget of Renewal,” Sanwo-Olu stated, “I would like to acknowledge that these are indeed challenging economic times for us in Nigeria. High inflation, and a cost-of-living crisis that has been worsened by the difficult yet necessary decisions by the Federal Government to remove petrol and foreign exchange subsidies that were on the verge of bankrupting the nation.

“The effects of these are being directly felt in lives and homes across the country, in higher living costs, including feeding and transportation, with knock-on effects on various other costs.

“As a government, we are not unmindful of these pains and shocks, and we have one most important task at this time: to cushion the effects of these tough decisions and alleviate the burdens of the people.

“At the same time, we have to acknowledge that these difficult fiscal decisions of the last few months have been very necessary if we are to have a chance to succeed at creating true and lasting prosperity in Nigeria.

“Our budget, aligned with these national objectives, is designed to further propel Lagos State towards prosperity, ensuring that we not only contribute significantly to our national economy but also safeguard the welfare and aspirations of every Lagosian.

“As we enter a new year, 2024, there is a lot to be hopeful for. With the various economic and social investment policies and programs being put in place at Federal and State levels, we expect a turnaround for the better in 2024.

“Budget of Renewal’ has been very carefully guided by our THEMES Governing agenda, which has been with us since the start of the Administration, and which we have recently expanded to “THEMES+”—the “+” embodying our renewed focus on social inclusion, gender equality and youth development.

“This 2024 Budget Proposal I am presenting today is building on our previous Budgets.

“The Budget of Renewal, echoing the “Renewed Hope,” aspiration of the Federal Government’s 2024 Budget.”

House of Assembly approves
The state House of Assembly, however, approved at a plenary session presided over by the Speaker, Mudashiru Obasa.

Obasa, immediately directed the Clerk of the House, Barr. Olalekan Onafeko, to forward a copy of the approved budget to Governor Sanwo-Olu for assent.

He hereafter, commended the lawmakers for their dedication and cooperation at ensuring a quick passage of the Appropriation Bill.

The budget representing 58 per cent Capital Expenditure and 42 per cent Recurrent Expenditure was approved following a unanimous voice vote by all the lawmakers present at the sitting.

“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 e from Development Fund for ee Expenditure thereby totaling a budget size of N2,267,976,120,869 for the year ending 31st December, 2024 be passed into law,” the Speaker had raised on the floor as the budget report was read a third time.

Before its passage, Sa’ad Olumoh, chairman of the joint committee on Budget and Finance, 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.

Obasa during the presentation of the budget by the governor, urged the government to ensure a functional budget.

“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,” the Speaker said during the budget presentation.

Related Topics:#Lagos Budget Lagos budget

Up Next

Ireland Grants Work Permits To Nigerians, Other Foreign Workers

Don't Miss

PHOTOS: Meet Top 10 Highest Goal Scorers In AFCON History

Comments

News

PHOTOS: Brazil Welcomes Tinubu With Full Military Honours In Brasília

Published

12 hours ago

August 25, 2025

Editor

Brazil on Monday rolled out full military honours at the Planalto Palace in Brasília to receive President Bola Tinubu.

Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga, disclosed this on X on Monday.

Onanuga said Tinubu was welcomed by his host, President Luiz Inácio Lula da Silva.

He wrote, “More photos of the official reception for President Tinubu at the Planalto Palace in Brasília, Monday, August 25, 2025. Brazil’s President Luiz Inácio Lula da Silva welcomed President Bola Tinubu with full military honours.”

News

Tinubu Signs Direct Flight, Other Agreements With Brazil

Published

12 hours ago

August 25, 2025

Editor

President Bola Ahmed Tinubu has signed a landmark Bilateral Air Service Agreement with Brazil, signalling the establishment of direct air links between Nigeria and South America’s largest economy.

The agreement was formalised on Monday during Tinubu’s official state visit to Brasília.

Media aide to the minister, Tunde Moshood, made this known through a statement, made available to The PUNCH.

At the signing ceremony which was witnessed by Messrs Nigerian President, Tinubu and the Brazilian President Luiz Inácio Lula da Silva in Brasilia also had the Nigeria’s Minister of Aviation and Aerospace Development, Festus Keyamo, signed the agreement on behalf of Nigeria, while Brazil’s Minister of Transport, Silvio Costa Filho, also signed for the host country.

The BASA creates a new framework for direct flights between Nigeria and Brazil, with the potential to significantly enhance trade, tourism, investment, and diplomatic relations.

The statement further noted that, “ It also marks a key step in Nigeria’s broader efforts to strengthen international partnerships and improve global connectivity.”

Tinubu had arrived in Brazil with a delegation that included Minister of Finance and Coordinating Minister of the Economy, Wale Edun; Minister of State for Foreign Affairs, Bianca Ojukwu; Minister of Agriculture and Food Security, Abubakar Kyari; and other senior government officials.

According to the statement, the Brazilian President welcomed the agreement, expressing his administration’s commitment to expanding cooperation with Nigeria in sectors such as aviation, agriculture, and infrastructure.

He described the BASA as a reflection of the strong ties between both countries and an opportunity to deepen economic and cultural collaboration.

Tinubu is also scheduled to hold meetings with key Brazilian government officials, including the President of the Senate, the President of the Chamber of Deputies, and the President of the Supreme Federal Court.

The two-day visit will include high-level discussions between Nigerian and Brazilian delegations across various sectors, as both nations explore opportunities for mutual growth and development.

The statement reads, “The ongoing state visit will also see President Tinubu meeting the President of the Brazilian Senate at the National Congress, the President of the Chamber of Deputies, and the President of the Supreme Federal Court.

“The working visit, which continues tomorrow, will also feature high-level engagements between Nigerian and Brazilian delegations across various sectors, underscoring both nations’ commitment to building a future of mutual growth and prosperity.”

News

NAFDAC Warns Of Fake Postinor-2 In Circulation

Published

12 hours ago

August 25, 2025

Editor

The National Agency for Food and Drug Administration and Control on Monday issued a public alert, warning the public about confirmed counterfeit batches of Postinor-2 (Levonorgestrel 0.75 mg) now circulating in Nigeria.

The alert follows a report from the Society for Family Health, the marketing authorisation holder, confirming that they did not import the suspect batches.

Postinor-2 (Levonorgestrel 0.75mg) is a brand of emergency contraceptive pill containing the active ingredient levonorgestrel.

NAFDAC revealed there are noticeable labelling discrepancies between the authentic and fake products.

It said, “The National Agency for Food and Drug Administration and Control (NAFDAC) hereby notifies the public of falsified Type 1 and 2 batches of POSTINOR 2 (Levonorgestrel 0.75mg) product in circulation.

“The noticeable difference was found to be as follows: The font size of the text on the pin verification sticker appears smaller and has a wrong spelling of the word Veify instead of Verify on the fake; meanwhile, the text font on the sticker of the original appears bigger and more visible. There is also a wrong spelling behind the pack of the fake “Distnibuted in Nigeria” instead of distributed in Nigeria”, NAFDAC said.

NAFDAC identified the original Postinor-2 as batch T32458H, manufactured in February 2023 with an expiry date of February 2027 and registration number 04-6985.

The agency, however, confirmed two falsified versions: Counterfeit Product (Type 1), batch T36184B, manufactured in August 2024 with an expiry date of August 2028; and Counterfeit Product (Type 2), batch 332, manufactured in March 2023 with an expiry date of February 2027, both carrying the registration number 04-6985.

It said that due to the potential presence of incorrect, substandard, or harmful ingredients, improper dosages of levonorgestrel, and a lack of sterile manufacturing conditions, poses significant risks to individual health and public safety.

“The risks of administering falsified Postinor 2 (Levonorgestrel 0.75mg) include failure of contraceptive effect, toxic or harmful contaminants, unpredictable side effects, delayed or missed opportunity for genuine emergency contraception, and potential long-term reproductive health impact. Unexpected side effects: Unknown substances can trigger allergic reactions, organ damage, or death.

“Counterfeit medicines are unregulated, untested, and illegal, making their safety and efficacy impossible to guarantee. Patients should only obtain Postinor-2 from verified pharmacies or licensed healthcare providers.

“Although Investigations are still ongoing regarding the source of the falsified product, all NAFDAC zonal directors and state coordinators have been directed to carry out surveillance and mop up the falsified product of type 1 and 2 postinor 2 (Levonorgestrel 0.75mg) within the zones and states,” it added.

NAFDAC urged consumers and healthcare providers to verify PIN stickers carefully, report suspected counterfeit products, and always purchase medications from reputable sources.