The Lagos State House of Assembly has given the green light to the proposed 2024 budget, totaling a staggering N2,267,976,120,869.
The budget, with a strategic allocation of 58 percent for Capital Expenditure and 42 percent for Recurrent Expenditure, received unanimous approval during a plenary session led by Speaker Rt. Hon. Mudashiru Obasa.
The speaker raised the Appropriation Bill, authorizing the allocation of N952,430,566,998 for Recurrent Expenditure and N1,315,545,553,871 for Capital Expenditure.
This pivotal move reflects the assembly’s commitment to driving development and growth in the state.
Commending the lawmakers for their dedication and cooperation, Speaker Obasa directed the Clerk of the House, Barr. Olalekan Onafeko, to promptly forward the approved budget to Governor Babajide Sanwo-Olu for final assent.
Prior to the decisive vote, Hon. Sa’ad Olumoh, chairman of the joint-committee on Budget and Finance, presented a comprehensive report containing crucial recommendations.
Notably, the recommendations included placing the Public Works Corporation, Water Corporation, and state-owned tertiary institutions on a first-line charge to enhance their operational efficiency.
Governor Sanwo-Olu, who initially proposed the budget on December 13, 2023, anticipated internally generated revenue of N1.251 trillion and federal government allocations of N596.629 billion.
The budget presentation, spearheaded by Speaker Obasa, emphasized the need for a functional budget aimed at lifting people out of poverty and propelling the state towards infrastructural growth.
During the presentation, Speaker Obasa advocated for a more targeted approach to palliative care, urging the government to provide subsidized drugs at public hospitals and implement a downward review of treatment costs.
The approved budget now sets the stage for transformative initiatives that prioritize the well-being and development of Lagos State.
“It is highly important for us to apply the right indices to ensure a performing and functioning budget that will lift our people out of poverty and reposition the state towards infrastructural growth and renewal.
“Palliatives should go beyond providing garri, rice, beans, or money. We need a focused, impactful approach supported by effective policy implementations.
“For example, in the context of palliative care, there should be the provision of drugs at all public hospitals in the state at subsidized rates. Simultaneously, attention should be given to a downward review of treatment costs in these hospitals,” the Speaker emphasized during the budget presentation.
