ENUGU, Nigeria (VOICE OF NAIJA)- Lagos State Governor, Babajide Sanwo-Olu, on Monday gave his assent to the N2.2tn 2024 Appropriation Bill passed by the state House of Assembly last week.
The approved budget, totaling N2,267,976,120,869, includes N1,315,545,553,871 for capital expenditure and N952,430,566,998 for recurrent expenditure.
Governor Sanwo-Olu highlighted an additional N21.743bn by the House, emphasizing its allocation towards the completion of ongoing projects.
Presented on 13 December, 2023, the initial budget estimate of N2.2tn underwent a legislative adjustment, reflecting 58 per cent for capital expenditure and 42 per cent for recurrent expenditure.
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Sanwo-Olu stressed that the success of the Appropriation Law would hinge on effective implementation, expressing commitment to realizing the budget’s goals for the benefit of all Lagosians under the THEMES+ development agenda.
The Governor assured continued efforts to conclude existing projects and facilitate the commencement of new ones.
Sanwo-Olu said the “details of the Appropriation Law will be provided by the Honourable Commissioner for Economic Planning and Budget.
“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 realised for the benefit of all Lagosians and in line with our THEMES+ development agenda.
“We will work assiduously to ensure the completion of ongoing projects and ensure the effective take-off of new ones.”