Governor Babajide Sanwo-Olu has presented the 2024 budget of N2.2trillion naira to the Lagos State
House of Assembly.
Lagos State Governor, Mr Babajide Sanwo-Olu, has presented a budget estimate of N2.2 trillion for the
2024 fiscal year to the state House of Assembly.
The governor presented the budget titled, ‘Budget of Renewal’, on Wednesday at the Lagos State House
of Assembly Complex in Alausa, Ikeja, the state capital.
The proposed budget comprised N1.02 trillion recurrent expenditure, which is 45% of the total budget,
and N1.22 trillion capital expenditure, which is 55% of the budget.
Briefing the lawmakers, the governor said the budget has a total size of N2.246 trillion, comprising
revenue of N1.848 trillion and deficit financing of N398.3 billion.
He said that the state anticipates internally generated revenue of N1.251 trillion and federal
government allocations of N596.629 billion.
He gave details of total overhead costs of N527.782 billion as overhead of N304.753 billion, subventions
of N123 billion, and dedicated funds amounting to N100 billion.
He added that the personnel cost was N319.23 billion, while recurrent debt servicing was proposed at
Giving highlights of sectorial allocations, Sanwo-Olu said N535 billion was budgeted for economic affairs
N94 billion for environment; and N156 billion for health.
Education got N199 billion; social protection got N50 billion, while public order and safety had N84
The governor also assured Lagos residents of better times ahead, saying his administration is working
with the Federal Government on relief measures to cushion the effect of the fuel subsidy removal.