In a significant move today, Governor Babajide Sanwo-Olu officially signed the N2.267 trillion 2024 Appropriation Bill for Lagos State into law, heralding the commencement of a new fiscal year.
This year’s budget, aptly named the Budget of Renewal, places a strong emphasis on key sectors such as infrastructure, environment, education, and technology. Notably, there is a substantial increase in allocations for security and public safety, reflecting the administration’s commitment to safeguarding the well-being of the citizens.
Breaking down the budget allocation, a noteworthy 58% is earmarked for capital expenditure, underscoring the government’s dedication to driving sustainable development. The remaining 42% is allocated for recurrent spending, ensuring the smooth functioning of essential services.
The Lagos State Assembly’s approval of an additional N21.74 billion demonstrates a concerted effort to finalize crucial infrastructure projects and address priority areas, signalling a proactive approach to development.
Governor Sanwo-Olu expressed confidence in the successful implementation of the budget, emphasizing its pivotal role in enhancing citizens’ lives and businesses. The budget aligns seamlessly with the THEMES+ agenda, a comprehensive strategy aimed at transforming various facets of the state.
Assuring transparency and accountability, Governor Sanwo-Olu pledged that these principles would be the guiding force during the budget’s execution. He extended gratitude to the Lagos State House of Assembly for their unwavering dedication to the people of Lagos, particularly during the comprehensive review of the budget.
The signing of the 2024 Appropriation Bill marks a significant step forward for Lagos State, setting the stage for a year of renewal, development, and improved quality of life for its residents.