Lagos State Governor, Babajide Sanwo-Olu, has presented a 2024 appropriation bill of over N2.246 trillion before the State House of Assembly. Themed “Budget of Renewal,” the proposal aligns with the THEMES+ Governing agenda, emphasizing social inclusion, gender equality, and youth development.
The budget, building on previous ones, echoes the “Renewed Hope” aspiration of the Federal Government’s 2024 Budget. Sanwo-Olu highlighted achievements over the last few years, aiming to consolidate them based on the THEMES’+ Agenda.
As of the third quarter of 2023, the state had implemented N1.032 trillion of the 2023 budget, representing 78% of the prorated estimate. The proposed 2024 budget has a total size of N2.246 trillion, comprising a total revenue of N1.847 trillion and deficit financing of N398.283 billion.
Sectoral allocation highlights include Economic Affairs (N535 billion), Environment (N94 billion), Health (N156 billion), Education (N199 billion), Social Protection (N50 billion), and Public Order and Safety (N84 billion). The budget comprises 45% recurrent expenditure and 55% capital expenditure.
Sanwo-Olu assured the public of better days ahead, promising to work closely with the federal government to alleviate the impact of subsidy removal and high inflation. Initiatives include supporting federal food security programs and adopting CNG-powered buses for public transportation. The governor urged continued support from the people in building a Greater Lagos.
