Wale Jagun
Lagos State Governor Bababjide Sanwo-Olu, on Wednesday, presented the 2024 Appropriation Bill of N2.2trn to the State House of Assembly for approval.
The appropriation bill, themed “Budget of Renewal,” was presented to the members at the Chamber, Assembly Complex, Alausa, Ikeja, Lagos.
Sanwo-Olu, presenting the budget, said that the budget represents hope for these challenging times, echoing the renewed hope of the Federal Government.
Of the proposed 2024 budget, N1.224 trillion, representing the capital expenditure, would accrue from Internally Generated Revenues (IGRs) and federal transfers, while deficit financing of N398.283 billion would be sourced from external and domestic loans, and bonds projected to be within the State’s fiscal sustainability parameters.
Sanwo-Olu proposed recurrent expenditure of N1.021 trillion, covering overhead, subventions, dedicated funds, total personnel cost, and debt service. The capital to recurrent expenditure ration is 55:45 per cent.
He said that there will be renewed focus on Works and Infrastructure next year, noting that the proposed intervention would enable the State Government bridge infrastructure deficit in economic viable sectors, including transportation, agriculture, tourism, waterfront infrastructure development, energy and mineral resources.
Improvement expected from the investment, the Governor said, would boost productivity and drive commercial activities across the State. He added that the impact would be felt by the residents.
In the proposed 2024 expenditure christened “Budget of Renewal”, the Governor also prioritised education and technology, earmarking N199 billion to the sector. Public safety got N84 billion, representing a significant increment in security spending.
Speaking on the performances of the 2023 budget, the Governor disclosed the current year budget had performed at 80 per cent as of the end of September.
Obasa promised thorough scrutiny of the proposed budget, stressing that the legislature would perform its constitutional duties and ensure the budget repositioned the State towards infrastructural growth and lifting people out of poverty.
The Speaker called for a shift in implementation of palliatives being given to the people to ameliorate the present economic situation. He said the Government must move away from sharing staple foods towards giving intangible benefits.
“This House holds the responsibility of scrutinising this budget to ensure that it adequately meets the demands and desires of the people. We shall equip ourselves with the principles of transparency, accountability, probity, and fairness”, he said.
“We shall monitor the performance, execution, and compliance of the provision of this budget. We will hold officials that would drive the good initiatives of Mr. Governor as stated in this budget accountable in line with their ministerial responsibilities.”
