The Lagos State Governor, BABAJIDE SANWO-OLU has presented a budget estimate of 2.2 trillion naira for the 2024 fiscal year to the state House of Assembly.

The governor presented the budget titled, ‘Budget of Renewal’, at the Lagos State House of Assembly Complex in Alausa, Ikeja, the state capital.

The proposed budget comprised 1.02 trillion naira recurrent expenditure, which is 45 per cent of the total budget, and 1.22 trillion naira capital expenditure, which is 55 per cent of the budget.

Briefing the lawmakers, the governor said the budget has a total size of 2.246 trillion naira, comprising revenue of 1.848 trillion naira and deficit financing of 398.3 billion naira.

He said that the state anticipates internally generated revenue of 1.251 trillion naira and federal government allocations of 596.629 billion naira.

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.