On Wednesday, December 13, Lagos State Governor Babajide Sanwo-Olu proposed a budget for the fiscal year 2024 to the House of Assembly in the form of a N2.2 trillion appropriation bill.

The “Budget of Renewal” allocates N1.224 trillion (55 percent) for capital expenditures and N1.02 trillion (45 percent) for recurring spending.

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N539 billion is allocated to Economic Affairs in the budget plan.

According to the governor, the anticipated 2024 appropriation will lessen the impact on the populace of the elimination of fuel subsidies and other financial difficulties.

He continued by saying that the budget would build on the “Budget of Continuity” for 2023 by emphasising the supply of critical infrastructure for the benefit of the populace, including the Fourth Mainland Bridge, the Food and Logistics Hub, and the Lagos/Epe International Airport.

More information to come.