Gov Sanwo-Olu presents 2.24trillion budget for 2024 fiscal year
By Abimbola Mohammed
Mr. Babajide Sanwo-Olu, the Lagos State governor has today presented a N2.24 trillion budget for the 2024 fiscal year.
The capital expenditure is N1.22 trillion, recurrent expenditure N1.02 trillion IGR and FAAC is N1.84 trillion.
The budget, entitled “Budget of Renewal”, was presented at the Chamber of the Lagos State House of Assembly, Assembly Complex, Alausa, Ikeja.
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.
Explaining the details of the budget, the Governor said the budget comprises N1.22 trillion as capital expenditure for the year representing 54.4% of the total budget. Recurrent expenditure for the state in 2024 stood at N1.02 trillion which includes overhead cost, personnel cost, and recurrent debt service. The state’s projected revenue for 2024 stands at N1.847 trillion which includes (IGR) and allocation from the federal government.
Speaking on the performance of the 2023 budget, Mr. Governor said: “In the last 4 years, we have completed, commissioned, and handed over a total of 91 Road Projects, and several improved junctions, while more than 140 others are at various stages of completion. No part of the State has been left out in this regard. Construction has commenced on the 3.89km Ojota – Opebi Link Bridge and Approach Roads that will connect Opebi Road to the Lagos-Ikorodu Road, by Odo Iya-Alaro.
We have completed the first and second phase of the rebuilding and upgrading of Lekki-Epe Expressway with a re-enforced concrete solution from T-junction, Epe to Awoyaya Junction. The third phase from Awoyaya Junction to Abraham Adesanya is in progress and projected for completion next year, other strategic projects such as Abiola-Onigemo road, inclusive of bridge component, in Ifako-Ijaiye LGA is progressing and scheduled to be completed by the second quarter of next year.”
He added that: “Our partnership with CIG Motors has delivered an automobile assembly facility in Lagos State, with a remarkable milestone of over 2,000 vehicles already assembled right here on Lagos soil. These vehicles are being deployed to our state-sponsored taxi- hailing service, LagRide, which is yet another important effort to diversify transport options in the metropolis.”
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