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Lagos Assembly okays reordering of 2024 budget
Lagos State House of Assembly has amended the Appropriation Law of 2024 that has a size of N2,267,976,120,869.
The reordering is sequel to a letter dated August 9, 2024, sent to the House by Governor Babajide Sanwo-Olu.
The House at plenary yesterday gave the approval after the Chairman of the Committee on Economic Planning and Budget, Lukman Olumoh, presented report and recommendations of the committee, which were adopted as the resolution of the House.
Although 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.
“That 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,” Speaker Mudashiru Obasa told his colleagues, who unanimously voted in favour.
The Speaker, thereafter, directed the Clerk, Olalekan Onafeko, to forward a clean copy of the bill to the Governor for his assent.
Prior to the passage of the reordered budget, Olumoh reminded the House that in the letter sent by the Governor, the latter explained that the rationale for the request to redistribute the budget included the need to boost the appropriation to some Ministries, Agencies and Parastatals.
The letter requesting the reordering had also emphasised the need to meet the state government’s commitments to the residents through the budget.
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Reps Quiz Federal Polytechnics Damaturu, Mubi, Monguno Over Infractions
By Gloria Ikibah
News
Obasanjo narrates how he escaped becoming drug addict
Former President Olusegun Obasanjo has revealed how he almost became a drug addict.
He spoke in Abeokuta over the weekend at the second edition of ‘Fly Above The High’ anti-drug campaign conference organised by the Recovery Advocacy Network.
Obasanjo stated that smoking during his youthful age led to chronic coughing and almost became an addiction.
The former President, while lamenting the increase in drug abuse among Nigerians and other West Africans, urged Nigerian students and young people to refrain from abusing psychoactive drugs, saying that they ruin life rather than enhance it.
“If I had persisted, I could have become addicted. Once you get involved, it is difficult to get out.
“There’s nothing drug can do for you except destruction.
“We found out that West Africa has equally been a centre for drug consumption in a very bad way. That was more than 10 years ago, so the situation has since gone worse. And whatever applies to West Africa applies to all other parts of Africa,” Obasanjo said.
He cautioned against stigmatization and urged individuals who are already addicted to psychoactive drugs to get help.
News
We saved $20bn after Petrol Subsidy Removal and FX Rate Reforms, Says Finance Minister
Wale Edun, minister of finance and coordinating minister of the economy, says Nigeria has saved $20 billion from petrol subsidy removal and market-based pricing of the foreign exchange rate.
Edun spoke at a ceremony recently held to mark the first 100 days in office of Esther Walso-Jack, head of civil service of the federation, in Abuja.
“An amount of five per cent of GDP is what those two subsidies were costing when there was a subsidy on PMS; when there was petroleum product generally for a long time and when there was a subsidy of foreign exchange. Between them, they were costing five percent of GDP,” he said.
“If you say GDP was on average, let’s say $400 billion. We all know what five percent of that is – $20 billion of funds that could be going into infrastructure, health, social services, education.”
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