Sanwo-Olu approves Lagos’ N2.267 trillion budget for renewal

Governor Babajide Sanwo-Olu signed the Lagos State Appropriation Bill for 2024 into law on Monday, ushering in a new spending cycle.

The Governor signed the “Budget of Renewal” at a ceremony in the State House, Alausa, just days after the House of Assembly passed the proposed expenditure bill and forwarded it to the executive branch for approval.

The state government is prioritizing investment on infrastructure, the environment, education, and technology while considerably increasing funding for security and public safety.

After signing the Appropriation Bill into law, Sanwo-Olu stated that implementing the budget will result in fresh growth and improve the quality of life for the state’s citizens.

The Governor reported that the budget was increased by N21.74 billion, which the Assembly authorized prior to final approval. He stated that the increased funding will be used to complete important infrastructure and to invest in critical priority sectors specified by the legislature.

He said: “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+ 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.”

Sanwo-Olu stated that the State Government will maintain the highest degree of openness and accountability in the budget’s execution, while pledging that the largest benefits would go to the most inhabitants.

The Governor praised the House of Assembly for upholding the spirit of patriotism and devotion to the people of Lagos during the screening of the proposed budget.

Mr. Ope George, Commissioner for Economic Planning and Budget, stated that the State’s 2024 expenditures were fully realized after the MDAs evaluated their priorities to promote the present administration’s development objectives.

The Commissioner stated that the Government used a Medium Term Fiscal Framework established based on cumulative revenue that would flow to the state. He also stated that the overall budget represented the demands of all of the State’s five historic divisions.

The Speaker, Rt. Hon. Mudashiru Obasa, stated that the Assembly thoroughly examined the proposal before releasing the final form of the law.

Obasa, represented by Deputy Speaker Hon. Mojisola Meranda, promised Lagosians that the Appropriation Law will be fully implemented.




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