To meet the constitutional requirement of the yearly budget presentation, the Lagos State Governor, Babajide Sanwo-Olu, on Wednesday presented N2.2 trillion budget for the 2024 fiscal year to the state House of Assembly.
The budget, entitled “Budget of Renewal”, was presented at the Chamber of the Lagos State House of Assembly, Assembly Complex, Alausa, Ikeja.
The proposed budget comprises N1.02trn recurrent expenditure, which is 45 per cent of the total budget, and N1.22trn capital expenditure, which is 55 per cent of the budget.
The governor noted that the 2024 appropriation proposal would further cushion the effects of the fuel subsidy removal and other economic hardships on the people of Lagos.
He said the process of putting the budget together was guided by his administration’s T.H.E.M.E.+ Agenda, which, according to him, has been building on the previous budgets of his Government since its inception in 2019.
Sanwo-Olu added that the budget will consolidate the achievements recorded by his administration.
Speaking on the performance of the 2023 budget, the governor said his Government had implemented 78% of 2023 as of quarter three and projected that at least 98 per cent implementation would have been achieved by the end of the year.
Recall that the Government approved N1.768 trillion budget for the 2023 fiscal year.
