Sanwo-Olu signs 2024 budget this week

The Governor of Lagos State, Mr Babajide Sanwo-Olu, on Sunday, said he would sign the 2024 Appropriation Bill into law this week.

The governor disclosed this during the 2024 annual thanksgiving organised by his family in conjunction with the state’s Ministry of Home Affairs held at Tafawa Balewa Square, on Sunday.

Freelanews reported that the state House of Assembly, on Friday, passed into law the N2.2tn 2024 appropriation bill at a plenary presided over by the Speaker of the House, Mudashiru Obasa.

Sanwo-Olu, on Wednesday, December 14, presented a budget estimate of N2.2tn for the 2024 fiscal year to the Assembly.

The budget, christened ‘Budget of Renewal’, comprises N1.02trn recurrent expenditure, which is 45 per cent of the total budget, and N1.22tn capital expenditure, which is 55 per cent of the budget.

Presenting the budget to the lawmakers, Sanwo-Olu had said, “The Year 2024 Budget, as proposed, had a total budget size of N2.24tn, comprising a total revenue of N1.84tn and deficit financing of N398.283bn.

“The total revenue comprises our Internally Generated Revenue and total federal transfers as follows: total IGR, N1.251tn; and total federal transfer, N596.6bn.”

Speaking on Sunday, the governor said, “This week, by the special grace of God, I will sign into law the 2024 Lagos State Appropriation Bill, passed a few days ago by our hard-working and committed Lagos House of Assembly. The signing of the budget will mark an important milestone in the delivery of all that we have promised you the people of Lagos, this year.”