Governor Babajide Sanwo-Olu on Wednesday (today) presented the 2024 budget to the Lagos State House of Assembly.
The governor arrived at the assembly complex this afternoon and mounted the podium recognizing dignitaries including royal fathers, captains of industries, religious leaders, heads of government agencies and previous holders of offices within the House of Assembly and current officials.
He also thanked the Speaker of the House, Mudashiru Obasa, and his colleagues for their support to his administration as he presented the budget of over N2 trillion, which is expected to cover planned capital projects, recurrent expenditure, and anticipated revenue for the fiscal year, as earlier confirmed by the Commissioner for Information & Strategy, Gbenga Omotoso.
Details Of The Lagos State 2024 Budget
According to the governor’s Chief Press Secretary, Gboyega Akosile, Sanwo-Olu presented a budget of N2.246,234 trillion to the lawmakers on Wednesday.
He noted that the budget comprises a Total Revenue of N1.847,951 Trillion Naira and Deficit Financing of N398.283 Billion Naira.
The Total Revenue, he said 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: N856.387Billion
Repayments:N367.893 Billion
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 loans and bonds, which are well within Lagos State’s fiscal sustainability parameters.