Lagos State Governor, Babajide Sanwo-Olu, on Wednesday, presented a 2024 appropriation bill of over N2.246 trillion before the State House of Assembly for consideration and approval.
The presentation of the 2024 appropriation bill for the fiscal year, with the theme: “Budget of Renewal,” was held at Lagos State House of Assembly, Alausa, Ikeja.
Sanwo-Olu explained: “Budget of Renewal has been very carefully guided by our THEMES Governing agenda, which has been with us since the start of the Administration, and which we have recently expanded to “THEMES+”—the “+” embodying our renewed focus on social inclusion, gender equality and youth development.
This 2024 budget proposal I am presenting today is building on our previous budgets. The Budget of Renewal, echos the Renewed Hope, aspiration of the Federal Government’s 2024 Budget, Sanwo-Olu said. Sanwo-Olu, highlighted some of the achievements recorded over the last couple of years, and which the 2024 appropriation bill seeks to build on and consolidate, based on THEMES’+ Agenda.
Actual capital expenditure stood at N613.52 billion, 80 percent of the prorated estimate of N764.93 billion, and Actual recurrent expenditure at N419.06 billion, representing 75 percent of the prorated estimate of N561.073 billion. We however believe the 2023 budget will have a budget performance that is close to 90 per cent by the end of this month.
The Year 2024 Budget as proposed has a total budget size of N2.246,234 trillion, comprising a total revenue of N1.847,951trillion and deficit financing of N398.283 billion total revenue comprises our internally generated revenue and total federal transfers as follows: Total IGR (N1.251,322 Trillion), and Total Federal Transfer (N596.629 Billion).
We equally propose a recurrent expenditure of N1.021 trillion, comprising total overhead, total personnel cost and recurrent debt service broken down as follows: Total overhead cost: N527.782 billion: this is made up of overhead (N304.753 billion), subventions (N123.010 billion), dedicated funds amounting to N100.02 billion, total personnel cost: N319.230 billion, recurrent debt service: N174.94 billion.
For capital expenditure, we propose a total figure of N1.224 trillion, as follows: Capital expenditure: N856.387 billion, repayments: N367.893 billion.”
Sanwo-Olu presented highlights of sectoral allocation in the budget to include: Economic Affairs, N535 billion; Environment – N94 billion, Health – N156 billion, Education – N199 billion. Social Protection – N50 billion, Public Order and Safety – N84 billion. The budget size is made up of recurrent expenditure of N1.021,954 trillion (45%) and capital expenditure of N1.224,280 (55%).
The deficit financing shall consist of external and internal loan and bonds which are well within our fiscal sustainability parameters. Sanwo-Olu, however, promised better days ahead, saying, “Better times are coming. We have gone through some very difficult times, but while the pain is temporary, the dividends of the necessary investments we are making will be here to stay.
We are working closely with the federal government to ramp up relief measures to help the people of Lagos State alleviate the pains of the subsidy removal and the impact of high inflation. Also we are especially concerned about transportation and food costs, and in 2024 we will be keying into the targeted food security initiatives of the federal government. “For transportation, we are fully on board with the federal government’s CNG-powered buses initiative, which will deliver sizable numbers of these buses to each state, for public transportation.
The development of any megacity like ours is the responsibility of both the public and private sectors, and to this end, we will continue to explore public-private-partnership strategies in the provision of infrastructure, social services, and the conversion of challenges to opportunities.
To the good people of Lagos State, I am eternally grateful for the opportunity and privilege to serve once again. I would like to assure you that we will intensify the pace of our work in the days ahead to add lasting value to your lives.
Please continue to support us, by obeying the laws of the land, paying taxes promptly and in full, exercising vigilance and providing useful information that will help tackle the activities of criminals. If you see something, say something.
I ask you to join hands with the administration you all have overwhelmingly elected once again, to lead you on this journey to the Greater Lagos of our collective dreams and aspirations. The future is bright, and I promise you that we will continue to deliver on our electoral promises to you all.
