Lagos State Governor, Mr. Babajide Sanwo-Olu, presented a budget estimate of N2.2 trillion for the 2024 fiscal year to the state House of Assembly.
Titled ‘Budget of Renewal,’ the proposal was outlined on Wednesday at the Lagos State House of Assembly Complex in Alausa, Ikeja.
The budget comprises N1.02 trillion for recurrent expenditure, accounting for 45% of the total, and N1.22 trillion for capital expenditure, constituting 55% of the budget.
In his briefing to the lawmakers, Governor Sanwo-Olu detailed a total budget size of N2.246 trillion, encompassing revenue of N1.848 trillion and deficit financing of N398.3 billion.
Anticipating internally generated revenue of N1.251 trillion and federal government allocations of N596.629 billion, the governor explained the proposed recurrent expenditure of N1.021 trillion.
This includes overhead, personnel costs, and recurrent debt servicing, with deficit financing from external and internal loans and bonds within fiscal sustainability parameters.
Breaking down the budget further, Sanwo-Olu outlined total overhead costs of N527.782 billion, including overhead of N304.753 billion, subventions of N123 billion, and dedicated funds amounting to N100 billion. Personnel costs were proposed at N319.23 billion, and recurrent debt servicing at N174.94 billion.
Highlighting sectorial allocations, the governor specified N535 billion for economic affairs, N94 billion for the environment, and N156 billion for health. Education received N199 billion, social protection N50 billion, and public order and safety N84 billion.
Governor Sanwo-Olu assured Lagos residents of better times ahead, emphasizing the administration’s collaboration with the Federal Government on relief measures to mitigate the impact of fuel subsidy removal.
“Mr Speaker, honourable members of the house, better times are coming. We have gone through some very difficult times,” Sanwo-Olu stated.
He reassured residents that while the pain is temporary, the necessary investments made by the administration will yield lasting dividends.
The governor highlighted the commitment to working closely with the federal government on relief measures and expressed concern about transportation and food costs.
In 2024, the administration plans to align with the federal government’s targeted food security initiatives and support the CNG-powered buses initiative for improved public transportation.
