On Wednesday, Mr Babajide Sanwo-Olu, the Governor of Lagos State, unveiled a budget estimate of N2.2 trillion for the 2024 fiscal year at the Lagos State House of Assembly.
Titled “Budget of Renewal,” the proposal allocates 45% (N1.02 trillion) for recurrent expenditure and 55% (N1.22 trillion) for capital expenditure.
Sanwo-Olu emphasized that the budget aims to alleviate the impact of fuel subsidy removal and economic challenges in Lagos.
Guided by the T.H.E.M.E.+ Agenda, the budget builds on previous years’ strategies, aiming to consolidate the achievements of his administration.
Reflecting on the 2023 budget, the governor reported 78% implementation by the end of quarter three, projecting a 90% completion by year-end.
