Sanwo-Olu Presents 2024 Budget To Lagos Assembly
The Lagos State Governor, Mr. Babajide Sanwo-Olu, has presented a total budget size of N2.246,234 Trillion
Sanwo-Olu proposes a N2.246,234 trillion budget, which is made up of N398.283 billion in deficit financing and N1.847,951 trillion in total revenue.
The total revenue is made up of the following: total federal transfers (N596.629 billion) and total internally generated revenue (N1.251,322 trillion).
We also suggest a recurring expenditure of N1.021 trillion, which is divided into three categories: total overhead, total personnel cost, and recurring debt service.
Total Overhead Cost: N527.782Billion: this is made up of Overhead (N304.753 Billion),
• Subventions (N123.010 Billion)
• Dedicated Funds amounting to N100.02 Billion
• Total PersonnelCost: N319.230Billion
• Recurrent DebtService: N174.94 Billion
For Capital Expenditure, we propose a total figure of N1.224 Trillion, as follows:
• Capitalexpenditure: N856.387Billion
• Repayments: N367.893Billion
Highlights of sectoral allocation in the budget:
Economic Affairs - 535 billion Naira
Environment - 94 billion Naira
Health -156 billion Naira
Education - 199 billion Naira
Social Protection 50 billion Naira
Public Order and Safety - 84 billion Naira
The budget size is made up of recurrent expenditure of N1.021,954trn (45%) and capital expenditure of N1.224,280 (55%).
The deficit financing shall consist of external and internal loan and bonds which are well within Lagos State's fiscal sustainability parameters.
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