Lagos assembly approves 2024 budget reshuffle

The Lagos State House of Assembly has approved the 2024 state budget realignment of N2.27 trillion.

The House gave its approval after the Chairman of the Committee on Economic Planning and Budget, Mr. Lukman Olumoh, presented the committee’s report and recommendations at a plenary session on Thursday in Alausa, Ikeja.

The recommendations were adopted by lawmakers.

In his remarks, House Speaker Mudashiru Obasa said the budget restructuring was in response to a request from Governor Babajide Sanwo-Olu in a letter dated August 9, 2024.

Obasa said while the total budget figure remained the same, recurrent expenditure was reduced from N952.4 billion in the initial budget to N935.3 billion.

He added that capital expenditure was increased from N1.31 trillion to N1.33 trillion after the restructuring.

The speaker said: “A bill to authorize the issuance and utilization of N935.38 billion from the Consolidated Revenue Fund for Recurrent Expenditure and N1.33 trillion from the Development Fund for Capital Expenditure.

“Thus, the total revised budget of Rp2.27 trillion for the year ending December 31, 2024, will be enacted into law.”

Lawmakers unanimously approved the budget restructuring.

The Speaker then ordered the Clerk of the House, Mr Olalekan Onafeko, to forward a clean copy of the draft bill to the governor for his assent.

Lagos House of Assembly approves 2024 budget reshuffle first appeared on Latest Nigeria News | Headlines from Ripples Nigeria.