Titled ‘Budget of Renewal,’ the proposed budget was presented on Wednesday at the Lagos State House of Assembly Complex in Alausa, Ikeja, the state capital.

This budget includes N1.02 trillion for recurrent expenditure (45% of the total budget) and N1.22 trillion for capital expenditure (55% of the budget).

Sanwo-Olu outlined the total budget size as N2.246 trillion, comprising revenue of N1.848 trillion and deficit financing of N398.3 billion.

“The deficit financing shall consist of external and internal loans and bonds, which are well within our fiscal sustainability parameters,” Sanwo-Olu said.

He emphasized internally generated revenue of N1.251 trillion and federal government allocations of N596.629 billion, expressing optimism about relief measures amid fuel subsidy removal and inflation impacts.

He gave details of total overhead costs of N527.782 billion as overhead of N304.753 billion, subventions of N123 billion, and dedicated funds amounting to N100 billion.

He added that the personnel cost was N319.23 billion, while recurrent debt servicing was proposed at N174.94 billion.

Giving highlights of sectorial allocations, Sanwo-Olu said N535 billion was budgeted for economic affairs; N94 billion for environment; and N156 billion for health.

Education got N199 billion; social protection got N50 billion, while public order and safety had N84 billion.

The governor also assured Lagos residents of better times ahead, saying his administration is working with the Federal Government on relief measures to cushion the effect of the fuel subsidy removal.

“Mr Speaker, honourable members of the house, better times are coming. We have gone through some very difficult times,” Sanwo-Olu said.

“While the pain is temporary, the dividends of the necessary investments we are making will be here to stay.

“We are working closely with the federal government to ramp up relief measures to help the people of Lagos state to alleviate the pains of the fuel 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 the buses to each state for public transportation,” the governor stated.