Mr Babajide Sanwo-Olu, Governor of Lagos State, presented to the state House of Assembly on Wednesday a budget estimate of N2.2 trillion for the fiscal year 2024.
The “Budget of Renewal” was presented in the Lagos State House of Assembly Chamber, Assembly Complex, Alausa, Ikeja.
The projected budget includes N1.02 trillion in recurrent spending (45% of total budget) and N1.22 trillion in capital expenditure (55% of total budget).
Sanwo-Olu said that the 2024 appropriation proposal will help to mitigate the consequences of the loss of gasoline subsidies and other economic burdens on the people of Lagos.
According to him, the process of putting together the budget was led by his administration’s T.H.E.M.E.+ Agenda, which he claims is building on prior budgets of his government since its beginning in 2019.
Sanwo-Olu went on to say that the budget will consolidate his administration’s accomplishments.
Speaking on the performance of the 2023 budget, the governor stated that his government had executed 78% of the budget as of the end of quarter three, and that he expected at least 90% implementation by the end of the year.
cc: Punch Ng
