Lagos State Governor Babajide Sanwo-Olu on Wednesday presented a budget estimate of N2.2 trillion for the 2024 fiscal year to the state House of Assembly.
The state has once again burst the budget chart, way beyond what other state governors are projecting for the 2024 fiscal year.
The Appropriation Bill, titled, ‘Budget of Renewal’ comprises recurrent expenditure of N1.02 trillion (45 percent) and capital expenditure of N1.224 trillion (55 percent).
The Economic Affairs takes a chunk of the budget proposal with N539 billion.
The governor noted that the 2024 budget proposal will further cushion the effects of the fuel subsidy removal and other economic hardships on the people.
He added that the budget, in building on the 2023 ‘Budget of Continuity’, will focus on the provision of very important infrastructure such as Fourth Mainland Bridge, Food and Logistics Hub, Lagos/Epe International Airport, among others, for the people’s benefit.