Lagos State Governor, Babajide Sanwo-Olu, has presented a budget of N2.2 trillion for the year 2024 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.
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.
Briefing the lawmakers, the governor said the budget has a total size of N2.246 trillion, comprising revenue of N1.848 trillion and deficit financing of N398.3 billion.
He said that the state anticipates internally generated revenue of N1.251 trillion and federal government allocations of N596.629 billion.
“We propose a recurrent expenditure of N1.021 trillion, comprising overhead, and personnel costs and recurrent debt servicing.
“The deficit financing shall consist of external and internal loans and bonds, which are well within our fiscal sustainability parameters”
He gave details of total overhead costs of N527.782 billion as overhead of N304.753 billion, subventions of N123 billion, and dedicated funds amounting to N100 billion.
He added that the personnel cost was N319.23 billion, while recurrent debt servicing was proposed at N174.94 billion.