Governor Babajide Sanwo-Olu has proposed a N2.24trn budget for the 2024 fiscal year, tagging it ‘budget of renewal.’
The budget is higher than the 2023 budget which was N1.326 trn and signed into law for implementation in January 2023.
The comprises of N1.22 trillion capital expenditure, representing 54.40 percent of the total, and recurrent expenditure of N1.02 trillion, including personnel cost, overheads and debt service.
According to Sanwo-Olu, the state’s projected revenue for 2024 stands at N1.847 trillion which includes Internally Generated Revenue (IGR) and allocation from the federal government.
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The state projects to earn about N1.251 trillion from IGR while FAAC allocation should total N596.62 billion in 2024.
According to Sanwo-Olu, who presented to the State House of Assembly on Wednesday, at Alausa, 2023 was a challenging year for not just the state but the country in general with record inflation necessitating a cost-of-living crisis.
However, he noted that these challenges create opportunities for Lagos and went further to reel out the achievements of his administration in infrastructure, healthcare, education, and transport.
Read also: Federal Government may revisit 2024 budget as revenue rises
Sanwo-Olu explained that the 2023 budget of N1.326 trillion has been implemented up to 78 percent so far with the budget for capital expenditure achieving a performance of 80 percent.
Sanwo-Olu noted the state’s collaboration with the Federal Government, especially to alleviate the pain of the people arising from the fuel subsidy removal, this will continue in 2024.
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