Lagos State Governor Bababjide Sanwo-Olu has presented the 2024 Appropriation Bill of over N2.246 trillion to members of the state House of Assembly for consideration and approval.
Last year, the governor presented over N1.692 trillion tagged: “Budget of Continuity” to the House.
The presentation of the 2024 appropriation bill for the fiscal year, themed: “Budget of Renewal,” held at Lagos State House of Assembly, Alausa, Ikeja, was attended by a large crowd including dignitaries across the state
He said the 2024 appropriation bill christened: “Budget of Renewal” echoes the “Renewed Hope” aspiration of the federal government.
Dwelling on the budget highlights, he said, “The Year 2024 Budget as proposed has a total budget size of N2.246,234 trillion, comprising a total revenue of N1.847,951trillion and deficit financing of N398.283 billion 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 proposed a total figure of N1.224 Trillion, as follows: Capital expenditure: N856.387 Billion, Repayments: N367.893 Billion.”
Sanwo-Olu presented highlights of sectoral allocation in the budget to include: “Economic Affairs, N535 billion. Environment N94 billion, Health, N156 billion, Education, N199 billion.
Harping on recurrent expenditure, he said “Social Protection, N50 billion, Public Order and Safety, N84 billion. The budget size is made up of recurrent expenditure of N1.021,954trn (45%) and capital expenditure of N1.224,280 (55%).
In his response after the budget presentation, the Speaker of the House, Hon. Mudashiru Obasa, said the 2024 budget faces the realities of daunting economic challenges and will be monitored to ensure that it must be tailored towards improving the lives of residents.
Obasa said the government must begin to look at better ways to alleviate poverty beyond giving out packaged foodstuff.
