The Lagos State Governor, Mr. Babajide Sanwo-Olu, has presented a total budget size of N2.246,234 Trillion, comprising a Total Revenue of N1.847,951 Trillion Naira and Deficit Financing of N398.283 Billion Naira as the 2024 Appropriation budget.
The total revenue comprised of Internally Generated Revenue and Total Federal Transfers as follows: Total IGR (N1.251,322 Trillion), and Total Federal Transfer (N596.629 Billion).
Sanwo-Olu equally proposed a recurrent expenditure of N1.021 Trillion, comprising total overhead, total personnel cost and recurrent debt service broken down as follows:
•TotalOverheadCost:N527.782Billion:thisismadeupof Overhead (N304.753 Billion), Subventions (N123.010 Billion)
• DedicatedFundsamountingtoN100.02Billion
• TotalPersonnelCost:N319.230Billion
• RecurrentDebtService:N174.94Billion
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.