Governor Babajide Sanwo-Olu of Lagos State has officially signed the 2024 Appropriation Bill into law.
The governor’s assent comes after the Lagos State House of Assembly increased the total budget size from the proposed N2.2 trillion to N2.267 trillion.
According to reports, Governor Sanwo-Olu had initially presented the ‘Budget of Renewal’ amounting to N2.2 trillion to the House of Assembly on December 13.
However, following deliberations and adjustments, the House increased the budget size to N2.267 trillion. The revised budget allocates N1.315 trillion for capital expenditure and N952 billion for recurrent expenditure, reflecting a ratio of 58:42.