The state House of Assembly has been presented with a budget estimate of N2.2 trillion by Lagos State Governor Mr. Babajide Sanwo-Olu for the 2024 fiscal year on Wednesday.
The “Budget of Renewal” was the name of the budget that was presented at the Lagos State House of Assembly’s Assembly Complex in Alausa, Ikeja.
The proposed budget is made up of N1.22 trillion in capital expenditures and N1.02 trillion in recurrent expenses, or 45% and 55% of the entire budget, respectively.
According to Sanwo-Olu, the 2024 appropriations plan will lessen the impact of other economic challenges and the elimination of fuel subsidies on Lagos residents.
He claimed that his administration’s T.H.E.M.E.+ Agenda, which he claims is building on earlier budgets of his government from inception in 2019, served as the framework for assembling the budget.
Sanwo-Olu continued, saying that the budget will compile the accomplishments that his administration has made.
Regarding the 2023 budget’s performance, the governor stated that as of the end of the third quarter, his administration had executed 78% of the budget, and by the end of the year, he anticipated that at least 90% of the budget will have been implemented.