LIVE UPDATES
Following rising inflation and the need to meet the unexpected requirements, the Lagos State House of Assembly has amended the State Appropriation Law of 2024 that has a size of N2.2 trillion.
The amendment followed a letter dated August 9, 2024 and sent to the House by Governor Babajide Sanwo-Olu.
It was gathered that the amendment followed the economic crisis and inflation rocking the country.
The House at the plenary, gave the approval after the Chairman of the Committee on Economic Planning and Budget, Lukman Olumoh, presented the report and recommendations of the committee which were adopted as the resolution of the House.
Though the total budget size remains the same, the recurrent expenditure was reduced from N952,430,566,998 in the original budget to N935,377,028,422, while the capital expenditure was increased from N1,315,545,553,871 to N1,332,599,092,448 following the reordering.
Speaker of the House, Mudashiru Obasa, said, “A bill for a law to authorise the issuance and appropriation of N935,377,028,422 from the Consolidated Revenue Fund for Recurrent Expenditure and N1,332,599,092,448 from the Development Fund for Capital Expenditure thereby totalling a revised budget size of N2,267,976,120,869 for the year ending 31st December, 2024 be passed into law.”
Obasa, thereafter, directed the Clerk of the House, Barrister Olalekan Onafeko, to forward a clean copy of the bill to the Governor for his assent.
