The budget was lower than that of 2013.
The Lagos State House of Assembly, late Thursday, approved the sum of N489. 69 billion as the amount to be spent by the state government during the 2014 fiscal year.
The amount is 3.43 per cent lower than the 2013 budget.
In the 2014 budget, 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 sectoral 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 N51.38billion; Heath, N22.07 billion; Works and Infrastructure, N100.12 billion; and Environment, N25.67 billion.
Others are Agriculture and Cooperatives, N23.21billion; Transportation, N29.13 billion; Information and Strategy, N28.73 billion; and Judiciary, N31.28 billion.
Commerce and Industry also got N7.98 billion; Women Affairs and Poverty Alleviation, N1.36 billion; and the Lagos State House of Assembly got N11.8 billion.
Following the passage, Mr. Ikuforiji directed the clerk of the House, Ganiyu Abiru, to communicate the outcome without delay to Governor Babatunde Fashola for his assent.