The Lagos State House of Assembly has approved the sum of N489.69billion as the amount to be spent by the state government during the 2014 fiscal year.
The amount is 3.43 percent lower than the 2013 budget.
The budget will accommodate the sum of N234.66billion is for recurrent expenditure while N255.03billion is budgeted for capital expenditure.
The Assembly, presided over by the Speaker, Adeyemi Ikuforiji, passed the budget, having considered the outcome of deliberations by its Appropriation Committee headed by Mudashiru Obasa.
The committee had read a breakdown of the budget on sectorial basis, with the allocations to some Ministries, Departments and Agencies (MDAs) reduced, while those of others were increased, based on their needs.
According to the breakdown of the budget, Education has the sum of N51.38billion; Heath, N22.07billion, Works and Infrastructure, N100 billion and Environment N25.67billillion.
Others are Agriculture and Cooperatives, N23, 21billion; Transportation, N29, 13billion, Information and Strategy, N28, 73billion, and Judiciary N31, 28billion.
Commerce and Industry also got N7, 98billion, Women Affairs and Poverty Alleviation, N1.36billion and the Lagos State House of Assembly got N11, 8billion.
Following the passage, Ikuforiji directed the clerk of the House, Ganiyu Abiru, to communicate the outcome without delay to Governor. Babatunde Fashola for his assent.