Business Post Contributor
By Precious Olisa and Bliss Okperan
Governor Babajide Sanwo-Olu on Wednesday presented a budget estimate of N2.2 trillion to the Lagos State House of Assembly for the 2024 fiscal year.
Mr Sanwo-Olu christened the budget proposal as the Budget of Renewal, saying it has N1.02 trillion earmarked to cater to recurrent expenditures in the year and N1.22 trillion for capital spending, at a ratio of 45:55.
While presenting the budget at the Chamber of the Lagos State House of Assembly in Alausa, Ikeja today, he stated that it would consolidate the achievements recorded by his administration.
The Governor added that the process of putting the budget together was guided by his administration’s T.H.E.M.E + Agenda, which according to him, is building on previous budgets of his government since inception in 2019.
He informed the legislative arm of government that the 2024 appropriation bill would further cushion the effects of the fuel subsidy removal and other economic hardships on the people of Lagos.
While speaking on the performance of the 2023 budget, Mr Sanwo-Olu said his government had implemented 78 per cent of the budget as of September 30, projecting that by the end of the year, his administration would have implemented at least 90 per cent.
