Lagos State Governor, Mr Babajide Sanwo-Olu, today presented before the House of Assembly for approval a budget of N2.246,234 trillion for the 2024 fiscal year.
He christened it the “Budget of Renewal”, with a total revenue of N1.847,951 trillion and deficit financing of N398.283 billion.
According to his spokesman, Gboyega Akosile, the Governor said the budget comprises of N1.22 trillion as capital expenditure for the year, representing 54.4 percent of the total budget.
Recurrent expenditure for the state in 2024 stood at N1.02 trillion, which includes overhead cost, personnel cost, and recurrent debt service.
He said the state’s projected revenue for 2024 stands at N1.847 trillion, which includes (IGR) and allocation from the federal government.
“Total Revenue comprises our Internally Generated Revenue and Total Federal Transfers as follows: Total IGR (N1.251,322 Trillion), and Total Federal Transfer (N596.629 Billion).”
“We equally propose a recurrent expenditure of N1.021 Trillion, comprising total overhead, total personnel cost and recurrent debt service broken down as follows:
- Total Overhead Cost:N527.782 Billion: this is made up of Overhead (N304.753 Billion), Subventions (N123.010 Billion)
- Dedicated Funds amounting to N100.02 Billion
- Total Personnel Cost:N319.230 Billion
- Recurrent Debt Service:N174.94 Billion
For Capital Expenditure, we propose a total figure of N1.224 Trillion, as follows:
- Capital expenditure: N856.387 Billion
- Repayments:N367.893 Billion 27 Highlights of sectoral allocation in the budget: Economic Affairs – 535 billion Naira Environment – 94 billion Naira Health – 156 billion Naira Education – 199 billion Naira Social Protection – 50 billion Naira Public Order and Safety – 84 billion Naira The budget size is made up of recurrent expenditure of N1.021,954trn (45%) and capital expenditure of N1.224,280 (55%). The deficit financing shall consist of external and internal loan and bonds which are well within Lagos State’s fiscal sustainability parameters.
Sanwo-Olu in his speech during the presentation said, “We have completed the first and second phase of the rebuilding and upgrading of Lekki-Epe Expressway with a reinforced concrete solution from T-junction, Epe to Awoyaya Junction. The third phase from Awoyaya Junction to Abraham Adesanya is in progress and projected for completion next year”.
