UPDATED: Sanwo-Olu Presents 2024 Budget Of N2.2tn To Lagos Assembly

The Lagos State Governor, Babajide Sanwo-Olu, has presented the 2024 budget estimates of N2.2 trillion to the state assembly.

The budget christened “Budget of Renewal” was presented to the lawmakers on Wednesday.

In the budget, N1.224 trillion, representing 55 per cent of the sum, is for capital expenditure while N1.02 trillion, representing 45 per cent, is for recurrent.

A breakdown of the budget shows that education will get N199 billion, health will get N156 billion, and environment will get N94 billion.

Further breakdown of the budget revealed that public order and safety will get N84 billion, while N50 billion will go into social protection.

The governor said: “Our 2024 Budget, going by its given title, aligns with the objectives of the Federal Government and is designed to further propel Lagos towards prosperity. It will not only ensure that we contribute significantly to our national economy, but also safeguard the welfare and aspirations of every Lagosian.

“We understand this period is a challenging economic time, but therein lies immense accompanying opportunities. The Year 2024 Appropriation Bill, which will be the first full year budget since the inception of this administration for our second four-year tenure in office, is designed to make Lagos remain attractive to huge investments that will create jobs, improve the economy and transform local communities.”

Of the proposed 2024 budget, N1.224 trillion would accrue from Internally Generated Revenues (IGRs) and federal transfers, while deficit financing of N398.283 billion would be sourced from external and domestic loans and bonds.

“To the good people of Lagos, I remain eternally grateful for the opportunity and privilege to serve once again. I assure that we will intensify the pace of our work in the days ahead to add lasting value to your lives. Better times are coming. We have gone through some very difficult times, but while the pain is temporary, the dividends of the necessary investments we are making will be here to stay,” Sanwo-Olu added.

Responding, the Speaker of the House, Mudashiru Obasa, promised thorough scrutiny of the proposed budget.

He said: “This House holds the responsibility of scrutinising this budget to ensure that it adequately meets the demands and desires of the people. We shall equip ourselves with the principles of transparency, accountability, probity, and fairness.

“We shall monitor the performance, execution, and compliance of the provision of this budget. We will hold officials that would drive the good initiatives of Mr. Governor as stated in this budget accountable in line with their ministerial responsibilities.”