Lagos State Governor Unveils N2.2 Trillion Budget for 2024 Fiscal Year

The Budget Breakdown

Lagos State Governor Mr. Babajide Sanwo-Olu revealed an estimated N2.2 trillion budget for the upcoming 2024 fiscal year at the Assembly Complex in Alausa, Ikeja.

Termed as the “Budget of Renewal,” it encompasses a significant allocation towards both recurrent and capital expenditures.

The Allocations

Of the total budget, N1.02 trillion is earmarked for recurrent expenditure, constituting 55% of the allocation, while N1.22 trillion, accounting for 45%, is designated for capital expenditure.

Governor Sanwo-Olu highlighted that this financial plan aims to alleviate economic challenges, including the withdrawal of gasoline subsidies, faced by Lagos residents.

Framework and Goals

The governor emphasized that the T.H.E.M.E.+ Agenda, an expansion of previous governmental budgets since 2019, served as the foundational framework for constructing the 2024 budget.

He iterated that this budget would encapsulate the achievements and progress made by his administration thus far.

Performance of Previous Budgets

Reflecting on the 2023 budget’s performance, Sanwo-Olu indicated that by the third quarter’s end, 78% of the budget had been executed.

He expressed optimism that by year-end, the completion rate would reach 98%, showcasing the administration’s commitment to actualizing planned initiatives and projects.

The specific details of the allocations and plans within this substantial budget are yet to be disclosed but are anticipated to outline key sectors and initiatives vital for Lagos State’s growth and development.

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