Sanwo-Olu presents 2024 budget, says old, new debt to take N942.8billion

Tamarauemi Ebimini

Lagos State Governor, Mr Babajide Sanwo-Olu, on Wednesday, presented a N2.246,234 trillion budget to the state assembly for approval with debt lines expected to take N942.8b.

The budget proposal comprises a total revenue of N1.847,951 trillion and deficit financing of N398.283b. Other debt lines in the budget include recurrent debt service of N174.94b and debt repayments of N367.893b.

However, according to Sanwo-Olu, of the expected total revenue, Internally Generated Revenue would provide N1.251,322 trillion while the federal transfer is N596.629b

Sanwo-Olu in his speech said: “We equally propose a recurrent expenditure of N1.021 trillion, comprising total overhead, total personnel cost and recurrent debt service broken down as follows: total overhead cost: N527.782b, made up of overhead (N304.753b ), Subventions (N123.010b), dedicated funds amounting to N100.02b, total personnel cost: N319.230b, recurrent debt service: N174.94b.”

For capital expenditure, Sanwo-Olu said the proposal is N1.224trillion, with actual capital expenditure of N856.387b and repayments of debt amounting to N367.893b.

“I hereby present highlights of sectoral allocation in the budget: Economic Affairs – N535b, Environment – N94b, Health – N156b, Education – N199b, Social Protection – N50b, Public Order and Safety – N84b,” Sanwo-Olu said.

“The budget size is made up of recurrent expenditure of N1.021,954trn (45%) and capital expenditure of N1.224,280 (55%). The deficit financing shall consist of external and internal loan and bonds which are well within our fiscal sustainability parameters.”