Lagos State Releases Policy Statement on 2024 Appropriation Bill

Mayowa DurosinmiApril 4, 20241 Mins read483

Lagos State Releases Policy Statement Paper on 2024 Appropriation Bill

The Lagos State government has released the state’s policy statement on the 2024 appropriation bill.

Released on Friday, March 29, 2024, the appropriation bill depicts in totality money set aside for specific spending, though yet to be assented by the 10th House of Assembly Speaker, Rt. Hon. Mudashiru A. Obasa before it can be spent.

The 566-page bill seeks to authorise the appropriation and issuance of ₦1.3 trillion from the development fund as a capital expenditure and ₦952 billion as a recurrent expenditure from the consolidated revenue fund for the year ending December 31, 2024.

With approved ₦2.267 trillion budgeted for 2024, 54.4% of the budget has been allocated to capital expenditure.

By warrants signed by the Commissioner for Finance, the State’s Accountant-General, Dr Abiodun Muritala, is expected to disburse a maximum of ₦952 billion from the Consolidated Revenue Fund and N1.3 trillion as Capital Expenditure from the Development Fund.

The bill ensures the Commissioner for Finance and Accountant-General of the State “Shall release to the under-listed Ministries, Departments, and Agencies (MDAs) one-twelfth (1/12th) of their Annual Overhead Cost/Subventions by the first week of every month.”

Lagos State House of Assembly
The Judiciary
Judicial Service Commission
Office of the State Auditor-General
Office of the Auditor-General for Local Governments
Audit Service Commission
Lagos State Internal Revenue Service
Lagos State Procurement Agency, and
Lagos State Health Management Agency (Equity Fund Contributions).

The bill aims to create seamless access for ministries, departments, and agencies (MDAs) to their earned Dedicated Revenue and Capital Receipts as approved by the appropriation law.

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