Lagos State Governor, Babajide Sanwo-Olu, yesterday, presented a budget proposal of N2.246 trillion for 2024 fiscal year to the state House of Assembly with debt lines expected to take N942.8 billion.

The budget proposal, entitled “Budget of Renewal,” comprises a total revenue of N1.847,951 trillion and deficit financing of N398.283 billion. Other debt lines in the budget include recurrent debt service of N174.94 billion and debt repayment of N367.893 billion.

However, according to Sanwo-Olu, of the expected total revenue, Internally-Generated Revenue (IGR) would provide N1.25 trillion while federal transfer is N596.629 billion.

Sanwo-Olu noted that the 2024 appropriation proposal would further cushion the effects of the fuel subsidy removal and other economic hardships on the people of Lagos.

He said the process of putting the budget together was guided by his administration’s T.H.E.M.E.+ agenda, which, according to him, is built on previous budgets of his government since inception in 2019.

The governor added that the budget would consolidate the achievements recorded by his administration.

Sanwo-Olu 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: N527.782 billion, made up of overhead (N304.753b), subventions (N123.010 billion), dedicated funds amounting to N100.02 billion, total personnel cost: N319.230 billion and recurrent debt service: N174.94 billion.

“I hereby present highlights of sectoral allocation in the budget: Economic Affairs – N535 billion, Environment – N94 billion, Health – N156 billion, Education – N199 billion, Social Protection – N50 billion, Public Order and Safety – N84 billion.”

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

Meanwhile, the Speaker, who spoke immediately after the presentation of the budget, said the government must begin to look at better ways to alleviate poverty beyond giving out packaged foodstuffs.

Obasa, who further urged effective youth engagement through sports and related activities, said: “It is highly important for us to apply the right indices towards ensuring a performing and functioning budget that would lift our people out of poverty and reposition the state towards infrastructural growth and renewal.

“Palliatives should move from just giving people garri, rice, beans or even money. We should have a direction that is focused, impactful and deeply backed up by effective policy implementations.

“For instance, in the name of palliative care, let there be provision of drugs at all public hospitals in the state at subsidised rates. At the same time, focus should be on a downward review of treatment costs in these hospitals.”

“Also, provision of subsidised school materials should be encouraged. In like manner, raw food merchants who bring food items from the hinterlands should be put into consideration. The government can help subsidise their transportation system too. This will in turn lead to a crash in the cost of food prices and make them affordable.”