“Governor Sanwo-Olu Unveils N2.2 Trillion ‘Budget of Renewal’ for Lagos in 2024”


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.

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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.

Gbenga Samson
Gbenga Samsonhttp://ThisDayLive.com
Samson Gbenga Salau [Editorial Board Adviser] Gbenga Samuel Salau is a professional journalist with over 17 years experience in journalism, he is a graduate of Communication and Language Arts, University of Ibadan. On completion of his youth service, he joined The Guardian as a freelance journalist and was later absorbed as a staff. While in the University, he was a campus journalist reporting for the Independence Hall and Faculty of Arts Press Clubs. As a campus journalist, he won the following awards; Independence Hall Press Best News writer; University of Ibadan Union of Campus Journalists’ Best News Reporter/Writer; First Runner-up, Reuben Abati Award for Investigative Journalism; Association of Faculty of Arts Students’ Press Best Reporter; University of Ibadan Union of Campus Journalists’ Best Political Writer; Winner, Reuben Abati Award for Investigative Journalism, and University of Ibadan Union of Campus Journalists’ Best Interviewer. He served the Association of Communication and Language Arts Students, as the Public Relation Officer, the same year he was appointed the News Editor of the Association of Faculty of Arts Students Press. The following session, he was made the General Editor, and a member of the 13-man University of Ibadan Students’ Union Transition Committee. As a reporter in The Guardian, in 2014, he won the Promasidor Quill Award Best Report on Nutrition and DAME Business Reporting category. In the 2015 edition of the Promasidor Quill Award, he won the best Report on Nutrition and Brand Advocate Categories, while in 2016, he won the NMMA Print Journalist of the Year, first runner-up Golden Pen Reporter of the Year and SERAs CSR Awards. Gbenga Salau loves traveling, reading, and listening to songs with good lyrics no matter the genre.

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