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Sunday, February 25, 2024

Governor Sanwo-Olu unveils ambitious N2.2 trillion budget to propel Lagos into prosperity

Lagos State Prioritizes Economic Growth, Infrastructure, and Social Welfare in 2024 Fiscal Blueprint

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In a significant move towards sustaining economic momentum, Governor Babajide Sanwo-Olu presented a bold estimate of N2.2 trillion in expenditures for the upcoming year to the House of Assembly on Wednesday. Under the thematic umbrella of “Budget of Renewal,” the Governor outlined a comprehensive plan to enhance key sectors, emphasizing increased capital spending for economic advancement.

Governor Sanwo-Olu underscored a renewed focus on Works and Infrastructure in 2024, with a strategic intervention aimed at addressing infrastructure deficits in vital economic sectors such as transportation, agriculture, tourism, waterfront development, and energy. The anticipated improvements are expected to boost productivity and stimulate commercial activities, directly impacting the lives of Lagos residents.

Education and technology took center stage in the proposed budget, with a substantial allocation of N199 billion. Public safety saw a notable increase, with N84 billion earmarked for security spending. Environment also emerged as a priority, with plans for comprehensive drainage clearing to uphold the state’s urban master plan.

Addressing rising concerns over the cost of food, Governor Sanwo-Olu pledged alignment with the Federal Government’s Food Security initiatives. He proposed additional funding for solid waste management, healthcare, and social protection to fortify the state’s resilience.

Governor Sanwo-Olu expressed optimism about the budget’s potential to attract investments, create jobs, and transform local communities. The proposed capital expenditure of N1.224 trillion will be funded by internally generated revenues (IGRs) and federal transfers, while deficit financing of N398.283 billion will be sourced from external and domestic loans.

With a capital-to-recurrent expenditure ratio of 55:45 percent, the governor highlighted the budget’s alignment with federal objectives and its role in positioning Lagos as an attractive hub for investments.

As the legislative process began, Speaker Mudashiru Obasa affirmed the Assembly’s commitment to thorough scrutiny of the proposed budget. He emphasized the importance of transparency, accountability, and fairness in monitoring the budget’s performance to ensure it meets the needs and desires of the people.

Governor Sanwo-Olu expressed gratitude to the Assembly for their commitment, assuring the people of better times ahead. Speaker Obasa echoed the need for a shift in the implementation of palliatives, emphasizing intangible benefits to uplift citizens during challenging economic times.

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