Governor Babajide Sanwo-Olu of Lagos State has presented a N2.246 trillion budget for the year 2024 to the state house of assembly, titled ‘Budget of Renewal.’
The budget is divided into N1.02 trillion for recurrent expenditure (45% of the total) and N1.22 trillion for capital expenditure (55%).
Sanwo-Olu highlighted a total size of N2.246 trillion, consisting of N1.848 trillion in revenue and a deficit financing of N398.3 billion, which includes external and internal loans and bonds.
He emphasized a focus on relief measures for fuel subsidy removal and tackling high inflation, expressing optimism about better times ahead.
The proposed budget allocates funds to various sectors, with significant emphasis on economic affairs, environment, health, education, social protection, and public order and safety.
Sanwo-Olu also mentioned collaboration with the federal government on initiatives such as the CNG-powered buses for public transportation.