Lagos Governor, Babajide Sanwo-Olu on Friday disclosed that he is set to present a historic state budget of over N2 trillion to the state House of Assembly for the 2024 fiscal year.
No State in Nigeria has ever achieved such a feat. It is the first time it is happening.
He disclosed this at the 8th Lagos Corporate Assembly, a business forum, tagged; “Babajide Olusola Sanwo-Olu, BOS Meets with Business Community,” held at Lagos House, Alausa, Ikeja.
The last budget the governor signed into law was N1.76trn in January 2o23.
But Sanwo-Olu said the next budget would get to over N2 trillion. He said his administration would require N7 trillion budget size in 2024 to meet up with infrastructure deficit and other, but that right now the state is not yet there.
According to the governor, despite the global business uncertainty, his administration could not give excuses but must work to achieve its set out goals as promise made to the people during campaign period.
In his words: “The demands from the report gathered from Ministries, Departments and Agencies, MDAs, shows that if we have the resources, at least N7 trillion will be needed for the year 2024 budget to meet the state’s infrastructural challenges and other basic amenities.
“Though, we are proposing over N2 trillion budget size for the year 2024 to be presented to the state House of Assembly soon and we are having demand of N7 trillion. Our revenue is far from it. That’s one of the challenges we are having presently. We want to fix roads and do it rightly.”
The governor said there was the need to scale up with modern technology and put in place enduring policies, stressing that government did not anticipate the current inflationary rate, as its focus is on how to meet the demands of the people amidst speculative market.
