Lagos State Governor, Babajide Sanwo-Olu Inks N2.267 Trillion 2024 Budget, Unveils Strategic Focus on Infrastructure and Security
In a groundbreaking move, Governor Babajide Sanwo-Olu has officially signed the N2.267 trillion 2024 Appropriation Bill into law, signaling the initiation of a transformative fiscal phase for Lagos State.
The approved budget, labeled the Budget of Renewal, strategically prioritizes infrastructure, environment, education, and technology. Notably, a substantial portion is allocated to enhance security and public safety, aligning with the state’s commitment to safeguarding its populace.
Breaking down the budget, an impressive 58% has been earmarked for capital expenditure, underscoring the government’s emphasis on developing and upgrading crucial infrastructure. The remaining 42% is allocated for recurrent spending, ensuring the seamless operation of essential services.
An additional allocation of N21.74 billion, greenlit by the Lagos State House of Assembly, emphasizes the commitment to completing pivotal infrastructure projects and addressing priority areas. This injection of funds is poised to expedite the development of critical initiatives, benefiting the residents of Lagos State.
The successful execution of this budget is deemed critical for citizen well-being and seamlessly aligns with the state government’s THEMES and agenda. The THEMES and agenda, encapsulating Traffic Management and Transportation; Health and Environment; Education and Technology; Making Lagos a 21st Century Economy; Entertainment and Tourism; and Security and Governance, solidifies the government’s commitment to comprehensive development.
Governor Babajide Sanwo-Olu reiterated the government’s commitment to transparency and accountability as guiding principles in executing the budget. Appreciation was extended to the Lagos State House of Assembly for their steadfast dedication to the people of Lagos during the budget review process.
The signing of the 2024 Appropriation Bill not only kickstarts a new era of fiscal responsibility but also underscores the administration’s strategic vision for a thriving and secure Lagos. As the government proceeds with budget implementation, residents can anticipate tangible advancements in key sectors, reflecting the administration’s pledge to fostering a dynamic and sustainable future.