Lagos unveils N2.2 trillion ‘Budget of Renewal’ for 2024

Lagos State Governor, Babajide Sanwo-Olu, has presented the 2024 fiscal year budget estimate, totaling N2.2 trillion, to the state House of Assembly. The proposed budget, titled ‘Budget of Renewal,’ allocates 45% (N1.02 trillion) to recurrent expenditure and 55% (N1.22 trillion) to capital expenditure. Governor Sanwo-Olu emphasized that the budget aims to mitigate the impact of fuel subsidy removal and address economic challenges. Guided by his administration’s T.H.E.M.E.+ Agenda, the budget builds on previous achievements and seeks to consolidate progress. The governor reported a 78% implementation of the 2023 budget as of the third quarter.