TheCable

Babajide Sanwo-Olu, governor of Lagos, has signed the state’s N2.26 trillion appropriation bill into law.

Sanwo-Olu signed the appropriation bill into law on Monday at the government house in Alausa, Ikeja.

On December 13, 2023, Sanwo-Olu presented a N2.246 trillion budget estimate for 2024 to the state house of assembly.

During the presentation, Sanwo-Olu said the budget, which is christened, “Budget of Renewal”, is made up of recurrent expenditure of N1.02 trillion (45 percent) and capital expenditure of N1.2 trillion (55 percent).

On January 5, the Lagos state house of assembly passed the budget and the size was increased to N2,267,976,120,869

Speaking during the budget signing, the Lagos governor said his administration will complete ongoing projects and initiate new ones in the state.

“We believe that the numbers that have been set forward will not only help to advance better economic sustainability for our residents, it is also done in alignment of our THEME plus developmental agenda,” Sanwo-Olu said.

“We, therefore, want to pledge to diligently work on the completion of a lot of our ongoing projects and successfully initiate new ideas and endeavours.”

In the signed budget, N1,315,545,553,871 was earmarked for capital expenditure, while recurrent expenditure takes N952,430,566,998.