Sanwo-Olu set to present 2024 Appropriation Bill before Lawmakers Wednesday

All is set for Lagos State Governor Babajide Sanwo-Olu to present the long-awaited 2024 budget to the members of the State’s House of Assembly.

WesternPost gathered that the governor is expected to present the budget before the lawmakers for consideration on Wednesday after several consultations with major stakeholders in the state.

Unlike the 2023 budget presentation that occured in October 2022, the cause of the delay for this year’s presentation is unknown but political observers opined that it may be due to the frosty relationship that seems to be existing between the governor and the House of Assembly.

The Appropriation Bill, which will highlight the details of planned capital projects, recurrent expenditure and anticipated revenue for the fiscal year, will follow the over 80 per cent impressive performance of the Year 2023 Budget in Capital Expenditure across Q1, Q2 and Q3.

Expected at the event are representatives of economic, political, cultural and civil society organisations.

WesternPost further gathered that the event would be beamed live on some national television stations.

Financial analysts predicted that the 2024 budget size may surpass the 2023 budget size due to the current economic reality.

WesternPost reports that Sanwo-Olu presented N1.692 trillion 2023 Appropriation Bill.

The budget estimate, christened ‘The Budget of Continuity’ was N66 billion lesser than the 2022 budget which stood at N1.758 trillion.

The budget comprised a total revenue of N1,342,670,649,640 and deficit financing of N350,000,000,000 , a total Internally Generated Revenue (IGR), of N1,108,435,649,640 and total federal transfer of N234,235,000,000.

The budget had a recurrent expenditure of N759,958,569,792, comprising Overhead Service Cost of N403,653,328,479; Personnel Cost of N247,295,312,088 and Recurrent Debt of N109,009,929,224.

The N403,653,328,479 Overhead Cost was broken down into Overhead, N221,957,283,661; Subvention, N93,501,258,220 and Dedicated, N88,194,786,596.