By Damilare Adeleye
Governor Babajide Sanwo-Olu of Lagos State has, on Wednesday, presented 2024 budget of over N2 trillion to the State House of Assembly.
The budget is expected to cover planned capital projects, recurrent expenditure, and anticipated revenue for the fiscal year.
During his presentation, the governor noted that the budget comprises a Total Revenue of N1.847,951 Trillion Naira and Deficit Financing of N398.283 Billion Naira.
The Total Revenue, according to him, comprises our Internally Generated Revenue and Total Federal Transfers as follows: Total IGR (N1.251,322 Trillion), and Total Federal Transfer (N596.629 Billion).
He equally proposed a recurrent expenditure of N1.021 Trillion, comprising total overhead, total personnel cost and recurrent debt service which is broken down as follows: Total Overhead Cost: N527.782 Billion – This is made up of Overhead (N304.753 Billion)—, Subventions (N123.010 Billion), Dedicated Funds amounting to N100.02 Billion, Total Personnel Cost: N319.230 Billion, Recurrent Debt Service: N174.94 Billion, For Capital Expenditure, a total figure of N1.224 Trillion was proposed as follows: Capital expenditure: N856.387 Billion, Repayments: N367.893 Billion.
Highlights of sectoral allocation in the budget showed that Economic Affairs takes 535 billion Naira, Environment gulps 94 billion Naira, Health takes 156 billion Naira, Education allocation is pegged at 199 billion Naira, Social Protection takes 50 billion Naira while Public Order and Safety gulps 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 loans and bonds, which are well within Lagos State’s fiscal sustainability parameters.