Lagos Assembly Begin Review of State’s Spending for Late 2024, Early 2025 |LAGOS EYE NEWS

Olumoh Says Exercise Will Guarantee Value for Money for Lagosians

The Lagos State House of Assembly has commenced a comprehensive review of the state’s budget performance for the last quarter of 2024 and the first quarter of 2025, in a bid to ensure full compliance with the Appropriation Law and deliver value for money to Lagos residents.

Speaking during the ongoing budget performance review, Chairman of the House Committee on Economic Planning and Budget, Hon. Sa’ad Olumoh, described the exercise as a routine oversight function mandated by the law.

“This review is a critical exercise conducted quarterly to ensure that Ministries, Departments, and Agencies (MDAs) adhere strictly to the 2024 and 2025 Appropriation Laws,” Olumoh said. “It is part of our oversight responsibility to make sure Lagosians are getting value for every kobo spent.”

The lawmaker noted that the Assembly, under the leadership of Speaker Rt. Hon. Mudashiru Obasa, approved the review as part of its constitutional duty to monitor and scrutinize the financial activities of government agencies.

During the sessions, MDAs were grilled on both capital and recurrent expenditure. Olumoh revealed that the Lagos State Independent Electoral Commission (LASIEC), which is preparing for the July 12, 2025 local government election, has accessed over 80% of its allocated funds and expressed confidence in its preparedness.

In her presentation, LASIEC Chairperson Hon. Justice Omobolanle Okikiola-Ighile affirmed the commission’s readiness, stating that they had visited all 20 local government areas and assessed their preparedness at 90%. She added that security agencies and relevant stakeholders have also been engaged ahead of the polls. LASIEC is expected to reappear before the House on July 17 with a comprehensive report.

On the budget size and performance, Olumoh clarified that last year’s budget was over ₦2 trillion, not ₦1 trillion, and that this year’s budget stands at ₦3.346 trillion.

“Lagos has the capacity to do over ₦10 trillion, but it’s a gradual process. Our budget performance last year was over 90%, and the results are evident in infrastructure, health, education, and transportation sectors across the state,” he stated.

He cited ongoing projects such as the bridge at Maryland, the Blue Rail Line from Mile 2 to Okokomaiko, and improvements in public hospitals and schools as evidence of effective budget implementation.

When asked about possible sanctions for defaulting agencies, Olumoh affirmed that penalties exist under the state’s financial regulation laws. He assured that any agency found culpable during the review would be sanctioned accordingly, with reports presented on the floor of the House for further action.

The Ministry of Local Government has also presented its report to the committee, though it has yet to be cleared. The budget performance review continues as the House works to complete its assessment of all MDAs.

The exercise is expected to enhance transparency, strengthen institutional accountability, and support effective governance in the state.