The Lagos State Governor, Mr Babajide Sanwo-Olu, on Wednesday, presented a budget estimate of N2.2 trillion for the 2024 fiscal year to the state House of Assembly.
The budget, entitled “Budget of Renewal”, was presented at the Chamber of the Lagos State House of Assembly, Assembly Complex, Alausa, Ikeja.
The proposed budget comprises N1.02 trillion recurrent expenditure, which is 45 per cent of the total budget, and N1.22 trillion capital expenditure, which is 55 per cent of the budget.
Sanwo-Olu noted that the 2024 appropriation proposal will further cushion the effects of the fuel subsidy removal and other economic hardships on the people of Lagos.
He said 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.
Sanwo-Olu added that the budget will consolidate the achievements recorded by his administration.
Speaking on the performance of the 2023 budget, the governor said his government had implemented 78 per cent of the budget as of the end of quarter three, and projected that at least 90 per cent implementation would have been achieved by the end of the year.