Gov Sanwo-Olu Presents N2.24trn 2024 Budget To Lagos 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.
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File photo of Governor Babajide Sanwo-Olu. @jidesanwoolu
By Ignatius Igwe
Lagos State Governor, Mr Babajide Sanwo-Olu, has presented a budget estimates 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.
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The Lagos state government has presented a N2.24 trillion budget for the 2024 fiscal year.
Capital Expenditure : N1.22 Trillion
Recurrent expenditure: N1.02 Trillion
IGR and FAAC : N1.84 Trillion
The Governor said the budget comprises of 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.