The Lagos State House of Assembly has warned that Ministries, Departments, and Agencies (MDAs) that fail to meet their 2024 budget performance targets will face sanctions in accordance with financial regulations.
Chairman of the House Committee on Economic Planning and Budget, Hon. Sa’ad Lukmon Olumoh, issued the warning on Wednesday while addressing journalists after the Assembly’s ongoing budget performance review of MDAs.
According to Olumoh, the review exercise is focused on assessing the last quarter of 2023 and the first quarter of 2024 to ensure strict compliance with the Appropriation Law.
“This exercise is meant to ensure that MDAs comply with the law—the 2024 and 2025 Appropriation Laws. It’s also vital for oversight purposes and to guarantee that Lagosians get value for money,” Olumoh said.
He stressed that any agency found to have underperformed will be sanctioned. “There are financial regulation laws and there are sanctions. At the floor of the House, any agency found culpable in their performance—either the head or the officer responsible—will face penalties in line with the law.”
Hon. Olumoh emphasised the importance of accountability and oversight in public financial management, stating that the review was approved by the Speaker, Rt. Hon. Mudashiru Obasa, to strengthen fiscal discipline and improve service delivery.
Over 90% Budget Performance in 2024
Speaking on the overall budget performance of the state, Olumoh revealed that Lagos State achieved over 90% budget implementation for the 2024 fiscal year, covering both recurrent and capital expenditures.
“We are presently implementing a ₦3.346 trillion budget. Lagos has the capacity to reach over ₦10 trillion, and we are working gradually towards that. But for now, we have scored above 90% performance, and the evidence is visible across the state.”
He cited multiple infrastructural projects and investments in health and education sectors as proof of the state’s effective budget execution.
“You can’t go anywhere in Lagos without seeing something the government is doing. From the new bridge at Maryland to the ongoing Green Line rail project from Mile 2 to Okokomaiko, to developments in our hospitals and schools—it’s clear the government is delivering,” he said.
LASIEC Ready for July 12 LG Elections
Olumoh also confirmed that the Lagos State Independent Electoral Commission (LASIEC) is financially and operationally prepared to conduct the July 12 local government elections.
“LASIEC has assessed over 80% of their budget allocation. We’ve engaged them and we’re confident they’re fully prepared to deliver free and fair elections,” he stated.
He concluded by reaffirming the Assembly’s commitment to its constitutional oversight role, which he said is critical in helping the state government deliver the dividends of democracy to the people of Lagos.