On Monday, Governor Babajide Sanwo-Olu of Lagos State signed the 2024 Appropriation Bill into law, introducing a notable increase of N21.74 billion to the initial N2.246 trillion ‘Budget of Renewal’ that was presented.
During the signing ceremony at the Lagos House Ikeja, the governor clarified that the revised budget size now stands at N2.267 trillion, compared to the initial N2.246 trillion. He detailed, “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.”
Governor Sanwo-Olu explained that the increase was attributed to additional provisions aimed at ensuring the completion of ongoing projects. Emphasizing the importance of effective implementation, he stated, “The impact of the budget would be determined by the effectiveness of its implementation.”
Assuring commitment to the THEMES+ development agenda, he highlighted the government’s determination to achieve the goals and objectives outlined in the budget. Sanwo-Olu underscored the government’s focus on completing ongoing projects and initiating new ones.
Calling on residents to actively participate in the budget’s success, the governor urged them to fulfill their civic obligations promptly.”