Lagos State Releases Policy Statement on 2024 Appropriation Bill
Mayowa DurosinmiApril 4, 20241 Mins read332 
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.
Read: Botswana to deport 20,000 elephants to Germany
About The Author
Related Articles
NIMC Instructs Nigerians to Pay for New National ID Cards As FG Lacks Funding
The National Identity Management Commission (NIMC) has announced that Nigerians will have...
Burkina Faso Introduces New Mining Regulations to Boost Revenue and Limit Foreign Exploitation
Burkina Faso’s Council of Ministers has finalised the legal framework of the...
Niger: Government Reopens Dan Issa Gold Mining Site 3 Years After Mine Collapse
The Nigerien government has officially approved the exploitation of a gold mine...
Thugs Reportedly Linked to MC Oluomo Disrupt Bus Conductors Association Event in Abuja
Thugs disrupted the inauguration of the Bus Conductors Association of Nigeria (BCAN)...