Lagos State governor, Babajide Sanwo-Olu, on Wednesday, presented a N2.246,232 trillion 2024 Budget tagged ‘Budget of Renewal’ before the State House of Assembly.
The budget has N1.2 trillion recurrent expenditure and N1.224 trillion capital expenditure, a ratio of 45% recurrent and 55% for capital.
According to him, the 2024 budget was to build on the budgets of previous years.
In 2020, the governor presented the ‘Budget of Awakening to a Greater Lagos’ while the 2021 budget was tagged ‘The Budget of Rekindled Hope’. The 2022 budget was christened ‘The Budget of Consolidation’ while the 2023 budget was named ‘The Budget of Continuity’.
The 2024 budget comprises a total revenue of N1.847,951 trillion which includes Internally Generated Revenue, IGR of N1.251,322trillion and a total federal allocation of N596.629 billion, and deficit financing of N398.283 billion.
The total overhead cost: is estimated at N527.782 million with dedicated funds amounting to N100.02 billion.
Total Personnel Cost of N319.230 billion which includes recurrent debt service of : N174.94 billion is also included in the budget.
A breakdown of the budget has economic affairs gulping N535 billion, environment N94 billion, health;N156 billio, education N 199 billion, social protection,N50 billion, and public order and safety;N84 billion.
The Speaker, Lagos House of Assembly, Hon. Mudashiru Obasa, told the governor that the budget should Improve lives of Lagosians, and urged him to focus more on youth engagement through sports, employment.
He reminded him that the House would closely monitor implementation of the budget.
He called for the employment of more people for the effective implementation of government policies, Obasa further urged effective youth engagement through sports and related activities.
