Lagos State State Governor, Babajide Sanwo-Olu has unveiled a robust budget estimate of N2.2 trillion for the upcoming 2024 fiscal year.
Titled “Budget of Renewal,” the proposed budget was formally presented at the Chamber of the Lagos State House of Assembly, Assembly Complex, Alausa, Ikeja.
Outlined within this sizable financial plan is a division of N1.02 trillion for recurrent expenditure, constituting 45 percent of the total budget, and N1.22 trillion allocated to capital expenditure, representing 55 percent of the overall budgetary allocation.
Governor Sanwo-Olu emphasized that this proposed budget aims to alleviate the impact of economic challenges, such as the fuel subsidy removal, among other hardships faced by the residents of Lagos. He underscored that the formulation of this budget was guided by his administration’s T.H.E.M.E.+ Agenda, strategically building upon the foundation laid by previous budgets since the inception of his government in 2019.
Moreover, Sanwo-Olu highlighted that the forthcoming budget is poised to build upon and consolidate the notable achievements attained by his administration thus far.
Reflecting on the performance of the 2023 budget, Governor Sanwo-Olu conveyed that his government had executed 78 percent of the budget as of the close of the third quarter.
He optimistically projected that by year-end, they would achieve at least 90 percent implementation of the allocated budgetary provisions, showcasing a commendable stride toward meeting set targets and delivering on promises made to the people of Lagos.
