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The Lagos State House of Assembly has revised the 2024 State Appropriation Law, setting the updated budget at N2,267,976,120,869. This amendment follows a request from Governor Babajide Sanwo-Olu, dated August 9, 2024, in response to rising inflation and unforeseen needs.
The changes are as follows:
- Recurrent expenditure has been decreased from N952,430,566,998 to N935,377,028,422.
- Capital expenditure has been increased from N1,315,545,553,871 to N1,332,599,092,448.
Despite the adjustments, the total budget remains unchanged, with funds reallocated to address urgent infrastructure requirements. The revised budget was approved unanimously, and the Clerk of the House has been directed to send a final copy of the bill to the Governor for his approval.