The Lagos State Governor, Babajide Sanwo-Olu, on Wednesday presented a budget estimate of N2.2 trillion for the 2024 fiscal year to the State House of Assembly.
Titled “Budget of Renewal,” the proposed budget allocates N1.02 trillion for recurrent expenditure, constituting 45% of the total budget, and N1.22 trillion for capital expenditure, representing 55% of the budget.
Presented at the Chamber of the Lagos State House of Assembly, Assembly Complex, Alausa, Ikeja, Governor Sanwo-Olu emphasized that the 2024 appropriation proposal aims to alleviate the impact of fuel subsidy removal and other economic challenges faced by the people of Lagos.
The budget formulation process adhered to the administration’s T.H.E.M.E.+ Agenda, building on previous budgets implemented since the governor’s inception in 2019.
Governor Sanwo-Olu highlighted that the budget is designed to consolidate the achievements made by his administration.
Providing insight into the 2023 budget performance, he stated that 78% of the budget had been implemented as of the end of the third quarter, projecting a minimum of 90% implementation by the year’s end.
