-Economic Affairs takes lion share of N535bn
.Gov sets to procure 1,000 CNG buses for public transportation
-As Obasa says budget’ll face realities of daunting economic challenges
Lagos State Governor, Mr Babajide Sanwo-Olu on Wednesday presented a historic Year 2024 Budget of N2.246,234 Trillion to members of the state House of Assembly.
Capital Expenditure, we propose a total figure of N1.224 and recurrent expenditure of N1.021 Trillion,
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 of N398.283 Billion consists of external and internal loan and bonds which according to the Governor are within the fiscal sustainability parameters.
The performance of the Y2023 Budget as at the third quarter of 2023, the period ending 30th September 2023, the state government had implemented N1.032 trillion of the 2023 Budget, representing 78% of the prorated estimate of N1.326 trillion.
The breakdown of the 2024 budget shows Economic Affairs – 535 billion Naira ,Environment – 94 billion Naira, Health – 156 billion Naira , Education – 199 billion Naira , Social Protection – 50 billion Naira and Public Order and Safety – 84 billion Naira.
As a result of the cost of transportation as a result of removal of subsidy, Sanwo-Olu stated that the state government is also concluding plans to introduce about 1,000 new CNG buses into the public transportation fleet of the state.
Sanwo-Olu said, “As we enter a new year, 2024, there is a lot to be hopeful for. With the various economic and social investment policies and programs being put in place at Federal and State levels, we expect a turnaround for the better in 2024.
“Mr. Speaker, I am indeed privileged to present to you today the Y2024 Budget proposal, tagged “The Budget of Renewal”.
The Year 2024 Budget as proposed has 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 Total Revenue comprises our Internally Generated Revenue and Total Federal Transfers as follows: Total IGR (N1.251,322 Trillion), and Total Federal Transfer (N596.629 Billion).
The recurrent comprising total overhead, total personnel cost and recurrent debt service 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
The breakdown of the Capital expenditure shows Capital expenditure: N856.387 Billion, Repayments: N367.893 Billion
Sanwo-Olu said, “‘Budget of Renewal’ has been very carefully guided by our THEMES Governing agenda, which has been with us since the start of the Administration, and which we have recently expanded to “THEMES+”—the “+” embodying our renewed focus on social inclusion, gender equality and youth development; our goal that in Lagos State, no one should or will be left behind. “Renewed Hope” aspiration of the Federal Government’s 2024 Budget.
“We are working closely with the Federal Government to ramp up relief measures to help the people of Lagos State alleviate the pains of the subsidy removal and the impact of high inflation.
“We are especially concerned about transportation and food costs, and in 2024 we will be keying into the targeted Food Security initiatives of the Federal Government. For transportation, we are fully on board with the Federal Government’s CNG-powered buses initiative, which will deliver sizable numbers of these buses to each State, for public
“Mr. Speaker, Honorable Members of the House, our driving vision here is to bequeath to Lagos State a truly inter-modal system of transportation, like all flourishing megacities around the world. A system that seamlessly interconnects various modes of transport, in our case, road, rail and water. We are already well on our way to achieving this.”2024 Budget Of N2.24Trn Should Improve Lives Of Lagosians, Obasa Tells Sanwo-Olu
The 2024 budget proposal of N2.246 trillion presented by Governor Babajide Sanwo-Olu on Wednesday faces the realities of daunting economic challenges and must be tailored towards improving the lives of residents, the Speaker of the Lagos State House of Assembly, Rt. Hon. Mudashiru Obasa, has said.
Speaking at the Assembly chamber immediately after the presentation of the budget by the Governor, Obasa said the government must begin to look at better ways to alleviate poverty beyond giving out packaged foodstuff.
In his response , the Speaker, Rt Hon Mudashiru Obasa said, “I would like to extend appreciation to Governor Babajide Sanwo-Olu for his diligent efforts in presenting the year 2024 budget themed Budget of Renewal with total estimates of over 2 trillion Naira for the prosperous state of Lagos. This budget indicates his commitment to the growth and development of our dear state.
“It is worth noting that this budget is the first one for Mr. Governor since the renewal of his mandate earlier this year. This translates to new expectations, new requests and new aspirations from the people of Lagos.
“Mr. Governor, it may interest you that this House has an obligation to the people and with the pursuit of its constitutional roles and duties, it has assiduously worked on your previous requests and has its findings especially on provision of palliatives, zero tolerance of potholes, completion of various projects, which include the Lekki- Epe Road, Phase VI and others stated in the requests.
“Today, you have presented the Y2024 budget estimates of over 2 Trillion Naira to Lagosians. The euphoria that accompanied past budget presentations is gone as this budget would face the realities of daunting economic challenges.”
He added, with the latest statistics from the National Bureau of Statistics, NBS “it is highly important for us to apply the right indices towards ensuring a performing and functioning budget that would lift our people out of poverty and reposition the state towards infrastructural growth and renewal. The Lagos State House of Assembly is committed to this and would use all constitutional instruments to achieve it.”
