The Lagos State Governor, Mr Babajide Sanwo-Olu, on Wednesday, presented a budget estimate of N2.2trn for the 2024 fiscal year to the state House of Assembly.
The budget, named “Budget of Renewal,” was unveiled at the Chamber of the Lagos State House of Assembly, Assembly Complex, Alausa, Ikeja.
The outlined budget consists of N1.02 trillion for recurrent expenditure, accounting for 45 percent of the total budget, and N1.22 trillion for capital expenditure, constituting 55 percent of the budget.
The governor highlighted that the 2024 appropriation proposal aims to alleviate the impacts of the fuel subsidy removal and other economic challenges faced by the people of Lagos.
He mentioned that the formulation of the budget was influenced by his administration’s T.H.E.M.E.+ Agenda, which builds upon the foundation laid by previous budgets since the inception of his government in 2019.
Sanwo-Olu further stated that the budget aims to strengthen the accomplishments achieved by his administration.
Addressing the performance of the 2023 budget, the governor reported that his government had executed 78 percent of the budget by the end of the third quarter, and he anticipates reaching a minimum of 98 percent implementation by the year’s end.
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