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

Governor of Lagos State, Babajide Sanwo-Olu, has officially signed the 2024 Appropriation Bill into law, incorporating an additional N21.74 billion to the originally proposed N2.246 trillion ‘Budget of Renewal’.

Naija News reports that the signing of the budget was done on Monday at the Lagos House Ikeja.

Addressing attendees at the event, Governor Sanwo-Olu emphasized that the budget has now been revised to a total of N2.267 trillion, surpassing the initial N2.246 trillion allocation.

He said: ”For the purpose of clarity, the approved budget size is ₦2,267,976,120,869; comprising ₦1,315,545,553,871 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 noted that the effectiveness of the budget’s implementation would determine its impact.

Furthermore, the Lagos State Governor emphasized that the government was resolute in guaranteeing the utmost realization of the budget’s goals and objectives, aligning with the THEMES+ development agenda, and benefiting all residents.

Sanwo-Olu highlighted that his administration will diligently strive to finalize ongoing projects and successfully initiate new ones.

He urged all residents to actively contribute to the prosperous execution of the budget, fulfilling their civic responsibilities with unwavering commitment and punctuality.

Shortly after the budget signing event, Sanwo-Olu issued a statement on his X handle. 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.

“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.”