Victor Ezeja
Lagos State Governor, Babajide Sanwo-Olu on Wednesday presented N2.246 trillion budget proposal for the 2024 fiscal year.
Presenting the budget tagged “Budget of Renewal,” before the state House of Assembly, governor Sanwo-Olu said N1.22 trillion was proposed as capital expenditure for the year representing 54.4% of the total budget. He further stated that N1.02 trillion would go for recurrent expenditure which includes overhead cost, personnel cost, and recurrent debt service.
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The projected revenue for the 2024 fiscal year stands at N1.847 trillion. This which includes Internally Generated Revenue (IGR) and allocation from the federal government.
According to the governor, the state hopes to earn N1.251 trillion from IGR while FAAC allocation is estimated to reach N596.62 billion in 2024.
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
