The 2024 fiscal year budget estimate of N2.2tn was presented by Lagos State Governor, Mr Babajide Sanwo-Olu to the state House of Assembly. The budget, named “Budget of Renewal,” is divided into N1.02trn recurrent expenditure, which constitutes 45% of the total budget, and N1.22tn capital expenditure, making up 55% of the budget.
Sanwo-Olu stated, “The Year 2024 Budget, as proposed, has a total budget size of N2.24tn, comprising a total revenue of N1.84tn and deficit financing of N398.283bn. The total revenue includes our Internally Generated Revenue and total federal transfers with a Total IGR of N1.251trn and total federal transfer of N596.6bn.
We also propose a recurrent expenditure of N1.021tn, comprising total overhead, total personnel cost, and recurrent debt service broken down as follows: Total Overhead Cost: N527.782bn; overhead N304.753bn; subventions N123.010bn; dedicated funds N100.02bn; total personnel cost N319.230bn; and recurrent debt service N174.94bn.”
Furthermore, for Capital Expenditure, we propose a total figure of N1.224tn, which includes Capital Expenditure of N856.387bn and repayments of N367.893bn.
Economic Affairs received the largest chunk of the 2024 budget with an estimate of N535bn, followed by Environment with N94bn, Health with N156bn, Education with N199bn, Social Protection with N50bn, and Public Order and Safety with N84bn.
Governor Sanwo-Olu emphasized that the 2024 appropriation proposal would alleviate the impact of the fuel subsidy removal and other economic hardships on the people of Lagos.
He also disclosed that his government had implemented 78% of the 2023 budget as of the end of the third quarter, and projected that at least 90% implementation would have been achieved by the year’s end.
The Speaker of the House, Mudashiru Obasa, advocated for increased employment in the state’s workforce to enhance the effective implementation of government policies.
