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Sanwo-Olu signs 2024 budget into law

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Lagos State Governor, Babajide Sanwo-Olu, formally ratified the 2024 Appropriation Bill into law on Monday, underscoring the commitment to the state’s development agenda. 

The initial proposal, a N2.2 trillion ‘Budget of Renewal,’ was presented to the House of Assembly on December 13. 

However, the House augmented the total budget size to N2.267 trillion, emphasizing capital expenditure at N1.315 trillion and recurrent expenditure at N952 billion, maintaining a 58:42 ratio.

Governor Sanwo-Olu clarified the adjustments, stating, “The approved budget size is N21.743 billion higher than what was presented to the House of Assembly due to additional provisions to enforce completion of ongoing projects.”

Highlighting the critical role of effective implementation, he affirmed, “The impact of this appropriation law will be determined by the effectiveness of its implementation. We are determined to ensure that the goals and objectives of this budget are maximally realized for the benefit of all Lagosians and in line with our THEMES+ development agenda.”

Emphasizing transparency and accountability, the governor extended gratitude to the Speaker, Mudashiru Obasa, and all House members, saying, “I also thank the Speaker, Mudashiru Obasa, and all members for their cooperation and commitment which ensured the expeditious consideration and passage of the budget.”

Deputy Governor Dr. Obafemi Hamzat, Secretary to the State Government Mrs. Bimbola Salu-Hundeyin, members of the State Executive Council, and House of Assembly members, led by Deputy Speaker Mrs. Mojisola Meranda, attended the brief signing ceremony.

 

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