The Lagos State House of Assembly has received a comprehensive budget proposal of N2.246 trillion from Lagos State Governor Babajide Sanwo-Olu.
The 2024 financial plan, known as the “Budget of Renewal,” intends to balance ongoing and capital expenses while emphasising sustainable development.
N1.2 trillion (or 55%) of the projected budget is set aside for capital projects, and N1.02 trillion (or 45%) is designated for ongoing costs.
Sanwo Olu Seeks $2.8bn Support in Water Investment for Lagos
According to Governor Sanwo-Olu, N1.848 trillion in income and N398.3 billion in deficit finance would be used to pay the budget.
A combination of internal and external loans and bonds that adhere to the state’s fiscal sustainability requirements will be used to manage this deficit.
Lagos State estimates N1.251 trillion in internal revenue, which is augmented by N596.629 billion in federal government funding.
The N1.021 trillion in ongoing expenses will pay for debt servicing, labour costs, and overhead.
The breakdown is as follows: N174.94 billion for debt servicing, N319.23 billion for personnel expenditures, and N527.782 billion for total overhead costs.
Issue Tinubu, Sanwo Olu An Ultimatum Over demolition In Lagos – Ejimakor To Igbo Leaders
The governor’s proposed N1.224 trillion capital expenditure budget consists of N367.893 billion for loan repayments and N856.387 billion for capital projects.
The government’s goals are demonstrated by the sectoral allocations, which include N535 billion for economic activities, N94 billion for environmental projects, and N156 billion for healthcare advancements.
A substantial N199 billion is given to education, while N50 billion and N84 billion are allotted to social protection, public order, and safety, respectively.
Assuring the legislature that better times were ahead, Governor Sanwo-Olu emphasised the transient nature of the present difficulties and the long-term advantages of the state’s wise investments.
Sanwo Olu Reveals What He Told Remi Tinubu During Aso Rock Visit
Additionally, he reaffirmed the state’s cooperation with the federal government in introducing relief measures, focusing on the problems caused by the elimination of fuel subsidies and high rates of inflation.
In order to improve public transit and lower prices for locals, Lagos State intends to implement the Compressed Natural Gas (CNG)-powered buses programme and take part in the Federal Government’s targeted food security programmes in 2024.
Follow us on Facebook
Post Disclaimer
The opinions, beliefs and viewpoints expressed by the author and forum participants on this website do not necessarily reflect the opinions, beliefs and viewpoints of Anaedo Online or official policies of the Anaedo Online.