Mr. Babajide Sanwo-Olu, the Governor of Lagos State, unveiled the 2024 budget estimate of N2.2 trillion to the state House of Assembly on Wednesday. Dubbed as the “Budget of Recovery,” the presentation took place at the Chamber of the Lagos State House of Assembly within the Assembly Complex at Alausa, Ikeja.

The proposed budget is divided into N1.02 trillion for recurrent expenditure, constituting 45 percent of the total budget, and N1.22 trillion for capital expenditure, making up 55 percent of the budget.

In addressing the economic challenges arising from the removal of fuel subsidies and other hardships faced by the people of Lagos, Sanwo-Olu emphasized that the 2024 appropriation proposal aims to alleviate these effects.

Guided by his administration’s T.H.E.M.E.+ Agenda, the formulation of this budget builds upon the foundation laid by previous budgets since the inception of his government in 2019, the Governor highlighted.

Sanwo-Olu underscored that this budget serves to consolidate the achievements made under his administration, aiming to further bolster developmental strides.

Regarding the performance of the 2023 budget, the Governor revealed that as of the end of the third quarter, 78 percent of the budget had been implemented. He projected that by year-end, the implementation rate would reach at least 90 percent.

source : punch news

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