By Fawaz Adebisi
The Lagos State governor, Babajide Sanwo-Olu, has presented a budget of ₦2.2trn appropriation bill to the House of Assembly for 2024.
According to PUNCH, the budget, titled, ‘Budget of Renewal’, which was presented on Wednesday at the Chamber of the Lagos State House of Assembly, Assembly Complex, Alausa, Ikeja, includes recurring spending of ₦1.02 trillion (45 percent) and capital expenditure of ₦1.224 trillion (55 percent).
In the same vein, Economic Affairs receives ₦539 billion as part of the budget plan.
The governor therefore stated that the proposed 2024 appropriation will help to mitigate the consequences of the loss of fuel subsidies and other economic challenges on the people.
He added that the budget, in building on the 2023 ‘Budget of Continuity’, will focus on the provision of very important infrastructure viz Fourth Mainland Bridge, Food and Logistics Hub, Lagos/Epe International Airport, among others, for the people’s benefit.
Last year, the state budget was the largest among all 36 states in Nigeria, with a total of ₦1.768 trillion.
The budget was made up of ₦1.020 trillion for capital expenditure and ₦748.097 billion for recurrent expenditure.
The budget aims to provide modern infrastructure, improve security, enhance human capital development, and promote a sustainable environment.
The budget performance report for the first quarter of 2023 shows that the state achieved a revenue of ₦245.8 billion, which is 19.2% of the annual estimate.
The state also spent ₦159.2 billion on capital projects, which is 15.6% of the annual estimate.
