Governor Sanwo-Olu presents N2.246trn budget to Lagos Assembly

Governor of Lagos state, Babajide Sanwoolu has presented a budget of N2.246 trillion to the state House of Assembly for approval.

Sanwo-Olu made the presentation of the N2.246 trillion budget proposal, tagged: “Budget of Renewal,” before the state House of Assembly, headed by its Speaker, Mudashiru Obasa, at the Hallowed Chamber of the Assembly Complex.

The proposed appropriation has a recurrent expenditure of N1.021,954trn which is 45% and a capital expenditure of N1.224,280 which stands at 55%.

Speaking during the presentation at the Hallowed Chamber of the Lagos House of Assembly, Ikeja, Sanwo-Olu said that the Year 2024 Appropriation Bill would be the first full-year budget since the inception of his administration for our second four-year tenure in office.

He said that the Total Revenue comprises the state’s Internally Generated Revenue (IGR) of N1.251,322 trillion and Total Federal Transfers of N596.629 billion.

The governor said that the Total Overhead Cost of N527.782 billion, was made up of Overhead – N304.753 billion, Subventions of N123.010 billion, and the Dedicated Funds amounting to N100.02 billion.