Governor Babajide Sanwo-Olu presented a N2.2 trillion budget for 2024, emphasizing a renewed focus on economic growth, particularly in Works and Infrastructure. The proposed allocation aims to address infrastructure deficits in key sectors like transportation, agriculture, tourism, and energy. Education and technology receive a significant share of N199 billion, while public safety sees an increased allocation of N84 billion.Thank you for reading this post, don't forget to subscribe!
Environmental concerns are addressed with plans for comprehensive drainage-clearing and a commitment to uphold the State’s urban masterplan. Governor Sanwo-Olu acknowledges rising food costs and pledges alignment with the Federal Government’s Food Security initiatives in 2024. Additional funds are proposed for solid waste management, health, food security, and social protection.
The budget, titled “Budget of Renewal,” aligns with national objectives and seeks to attract investments for job creation and community transformation. A significant portion of the budget, N1.224 trillion, will be sourced from Internally Generated Revenues and federal transfers, with deficit financing of N398.283 billion from loans and bonds. The capital to recurrent expenditure ratio is set at 55:45.
Governor Sanwo-Olu appreciates the Assembly’s commitment and urges continued cooperation. He reassures Lagosians of better times ahead, emphasizing the lasting impact of ongoing investments. The Speaker, Rt. Hon. Mudashiru Obasa, promises thorough scrutiny, emphasizing transparency and accountability. He advocates for a shift in implementing economic palliatives towards intangible benefits to address the current economic challenges.