Lagos State Governor, Babajide Sanwo-Olu has presented the 2024 budget of ₦2.246,234 trillion to the State Assembly in Alausa, Ikeja.
The budget christened “Budget of Renewal,” fashioned after the national budget, has one point two-two-four trillion naira as capital expenditure representing fifty-five percent of the budget and one point zero-two trillion naira for recurrent expenditure representing forty-five percent of the budget size.
The budget has revenue estimate of ₦1.847 trillion one point eight-four-seven trillion naira with a deficit of ₦398 billion.
“The Year 2024 Budget as proposed has a total budget size of ₦2.246,234 trillion, comprising a Total Revenue of ₦1.847,951.
“Trillion Naira and Deficit Financing of N398.283 billion Naira Total Revenue comprises our Internally Generated Revenue and Total Federal Transfers as follows: Total IGR ₦1.251,322 trillion, and Total Federal Transfer ₦596.629 billion. ” He said.
The Governor acknowledged the economic challenges in the country and said that the 2024 budget was designed to contribute to the national economy.
“These are indeed challenging economic times for us in Nigeria. High inflation, and a cost-of-living crisis that has been worsened by the difficult yet necessary decisions by the Federal Government to remove petrol and foreign exchange subsidies that were on the verge of bankrupting the nation.
“The effects of these are being directly felt in lives and homes across the country, in higher living costs, including feeding and transportation, with knock-on effects on various other costs.
“As a government, we are not unmindful of these pains and shocks, and we have one most-important task at this time: to cushion the effects of these tough decisions and alleviate the burdens of the people. ” The Governor said.
Governor Sanwo-Olu assured that his administration would focus on the delivery of various road and transportation projects which would have positive ripple effects on the economy and the people.
He thanked the Assembly for its support and appealed to the lawmakers to support efforts at raising funds to meet infrastructural needs of the state.