The Lagos State House of Assembly has approved the reordering of the state’s 2024 budget of N2.27 trillion.
The House gave the approval after the Chairman of its Committee on Economic Planning and Budget, Mr. Lukman Olumoh, presented the report and recommendations of the committee at Thursday’s plenary in Alausa, Ikeja.
The recommendations were adopted by the lawmakers.
In his remark, the Speaker of the House, Mudashiru Obasa, said reordering of the budget followed a request by Governor Babajide Sanwo-Olu in a letter dated August 9, 2024.
Obasa said though the total budget size remained the same, the recurrent expenditure was reduced from N952.4 billion in the original budget to N935.3 billion.
He added that the capital expenditure was increased from N1.31 trillion to N1.33 trillion following the reordering.
The speaker said: “That a bill for a law to authorise the issuance and appropriation of N935.38 billion from the Consolidated Revenue Fund for Recurrent Expenditure and N1.33 trillion from the Development Fund for Capital Expenditure.
“Thereby totalling a revised budget size of N2.27 trillion for the year ending December 31, 2024, be passed into law.”
The lawmaker unanimously voted in favour of the budget reordering.
The speaker, thereafter, directed the Clerk of the House, Mr. Olalekan Onafeko, to forward a clean copy of the bill to the governor for his assent.
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