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Lagos State Governor, Mr Babajide Sanwo-Olu, presented the budget estimates for the 2024 fiscal year to the state House of Assembly, outlining a comprehensive financial plan of N2.2 trillion titled 'Budget of Renewal.'
The presentation took place on Wednesday at the Lagos State House of Assembly Complex in Alausa, Ikeja, the state capital.
The proposed budget allocates N1.02 trillion, constituting 45% of the total, for recurrent expenditure, while N1.22 trillion, representing 55%, is earmarked for capital expenditure.
Governor Sanwo-Olu highlighted the budget's total size at N2.246 trillion, comprising revenue of N1.848 trillion and deficit financing of N398.3 billion.
The breakdown of anticipated revenue includes internally generated revenue of N1.251 trillion and federal government allocations of N596.629 billion. Recurrent expenditure is outlined at N1.021 trillion, covering overhead, personnel costs, and recurrent debt servicing.
The governor emphasized that the deficit financing would involve external and internal loans and bonds, staying within fiscal sustainability parameters.
Sectorial allocations featured prominently in the presentation, with economic affairs receiving N535 billion, environment N94 billion, and health N156 billion. Additionally, education was budgeted at N199 billion, social protection at N50 billion, and public order and safety at N84 billion.
Governor Sanwo-Olu assured Lagos residents of impending improvements, acknowledging the challenges faced and promising relief measures. He stated that the administration is collaborating with the Federal Government to alleviate the impact of fuel subsidy removal and high inflation.
Emphasizing a focus on transportation and food costs, he expressed commitment to the federal government's CNG-powered buses initiative for public transportation in Lagos.
