JUST IN: Sanwo-Olu Presents N2.24 Trillion As Budget Estimate For 2024

By Daniel Dafe

The Lagos state government has presented a N2.24 trillion budget for the 2024 fiscal year to the state House of Assembly for deliberation and approval.

Governor Babajide Sanwo-Olu presented the 2024 appropriation bill tagged “Budget of Renewal” to the state’s legislature on Wednesday.

Governor Sanwo-Olu said the budget comprises of N1.22 trillion as capital expenditure for the year representing 54.4% of the total budget.

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Recurrent expenditure for the state in 2024 stood at N1.02 trillion which includes overhead cost, personnel cost, and recurrent debt service.

According to the Governor, the state’s projected revenue for 2024 stands at N1.847 trillion which includes Internally Generated Revenue (IGR) and allocation from the federal government..