2024 Budget: Lagos Records N433,408bn Quarterly Revenue

Segun James

The Lagos State Government has said despite the economic challenges in the country, it has recorded a quarterly revenue size of  N433,408bn budget performance in the last one year.
Commissioner for Economic Planning and Budget, Mr Ope George, disclosed this during a ministerial press briefing to mark the second term in office of Governor Babajide Sanwo-Olu in Alausa, Ikeja.

George stressed that the total Recurrent Expenditure performed at 80% which represented N189,624bn.
The performance, he said, represented a 92% was as a result of strategic planning carried out to expand the tax net especially in the informal sector
The total capital expenditure recorded a performance of 54% / N178,728bn. The total expenditure (budget size) recorded a performance of 65% / N368,352.
According to him, “The Y2024 Budget aligns with the THEMES + agenda and is crafted to solidify the developmental accomplishments of this administration with primary focus on the conclusion of ongoing projects such as the Blue and Red Line Rail System, Stadia, Lekki-Epe Road, New Massey Children Hospital, Opebi-Mende Link Bridge, etc.

“It is also geared towards ensuring that every endeavour, investment, partnership, and policy translates effectively into tangible positive outcomes in the lives of Lagos residents and its environs. Total Budget size of N2.267 trillion was approved and signed into law by the Governor on 15th January 2024.
“The approved Y2024 Budget has a total revenue of N1.880 trillion, Deficit Financing of N387.125bn; Capital Expenditure of N1.315trn and Recurrent Expenditure of N952.431bn (including Debt Charges), establishing a Capital to Recurrent ratio of 58:42.”