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.

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“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.

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“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.

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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.

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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.