Tuesday, January 7, 2025 - The Lagos State House of Assembly on Monday passed the appropriation bill of N3.367 trillion for the 2025 fiscal year for the state.
The budget was approved by voice vote at a plenary presided over by the
Speaker, Mudashiru Obasa, on Monday.
Obasa explained that the passage followed the presentation of a report
on the budget by Sa’ad Olumoh, the Chairman of the Joint Committee on
Appropriation and Finance.
Governor Babajide Sanwo-Olu had on November 21 presented a budget
proposal of N3.005 trillion to the House for approval.
During the presentation, the governor informed the lawmakers that the
budget had a deficit financing of N408.9 billion, adding that the deficit would
be financed through external and internal loans and bonds.
The Speaker said the approved budget consisted of N1.295 trillion for
recurrent expenditure, while N2.071 trillion was earmarked for capital
expenditure for the year ending December 31, 2025.
Obasa then directed the Clerk of the House, Olalekan Onafeko, to
transmit a clean copy of the passed bill to the governor for assent.
The Speaker commended his colleagues for their painstaking efforts
leading to the passage of the budget.
Meanwhile, the House, during the plenary on Monday, also passed a bill
to consolidate all laws on local government administration in Lagos State.
The bill further makes provisions based on constitutional amendments as well as
amendments by the National Assembly that have direct effects on local
governments in the state.
0 Comments