NEW: SANWO-OLU DELIVERS THE 2024 BUDGET TO THE ASSEMBLY OF THE STATE OF LAGOS [SEE SPECIFICS]

Babatunji Wusu –

The Lagos State House of Assembly received the 2024 budget presentation from Governor Babajide Sanwo-Olu on Wednesday, or today.

This afternoon, the governor came at the assembly complex and took the podium to honor luminaries that included current and former House of Assembly officials, as well as royal fathers, titans of industry, religious leaders, and heads of government agencies.

As he presented the budget of over N2 trillion, which is expected to cover planned capital projects, recurrent expenditures, and anticipated revenue for the fiscal year, as previously confirmed by the Commissioner for Information & Strategy, Gbenga Omotoso, he also thanked Speaker of the House Mudashiru Obasa and his colleagues for their support to his administration.

Specifics Of The 2024 Budget For Lagos State
Gboyega Akosile, the governor’s chief press secretary, claims that Sanwo-Olu gave the lawmakers a budget of N2.246,234 trillion on Wednesday.

He mentioned that the budget is made up of N398.283 billion in deficit financing and N1.847,951 trillion in total revenue.

According to him, the total revenue is made up of N1.251,322 trillion in total internal generated revenue (IGR) and N596.629 billion in total federal transfers.

We also suggest a recurring expenditure of N1.021 trillion, which is divided into three categories: total overhead, total staff cost, and recurring debt service.

• 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.