Governor Babajide Sanwo-Olu has presented the 2024 appropriation bill to the State House of Assembly.
The proposed budget, titled the “Budget of Renewal,” underscores the administration’s commitment to a comprehensive agenda encapsulated in the THEMES+ framework—recently expanded to include social inclusion, gender equality, and youth development.
The governor, highlighting the achievements recorded in previous years, emphasized that the 2024 budget builds upon established foundations, aligning with the “Renewed Hope” aspiration outlined in the Federal Government’s 2024 Budget.
Notably, the 2023 budget witnessed a commendable 78% implementation, with capital expenditure reaching 80% of the prorated estimate.
The 2024 budget outlines a total size of N2.246 trillion, comprising a revenue of N1.847 trillion and a deficit financing of N398.283 billion.
Sanwo-Olu emphasized the commitment to financial sustainability, with a deficit financing plan well within established fiscal parameters.
Sectoral allocations in the budget reflect a strategic focus, with significant funds allocated to Economic Affairs (N535 billion), Environment (N94 billion), Health (N156 billion), and Education (N199 billion).
The balanced distribution aims to stimulate growth and address essential areas of development.
The governor reassured citizens of better days ahead, pledging collaboration with the federal government to alleviate the impact of subsidy removal and high inflation.
Sanwo-Olu also unveiled plans to enhance transportation through the adoption of CNG-powered buses and emphasized the administration’s dedication to public-private partnerships for sustainable infrastructure development.
As Lagosians await the approval and implementation of the proposed budget, Sanwo-Olu’s vision for economic renewal and sustained growth remains at the forefront of the state’s development trajectory.