Lagos, Dec. 12, 2023 – Gov. Babajide Sanwo-Olu of Lagos State on Wednesday presented a N2.2 trillion budget for 2024 fiscal year to the state House of Assembly .
The budget, tagged ‘Budget of Renewal’, is made up of N1.02 trillion for recurrent expenditure and capital expenditure estimate of N1.224 trillion.
The recurrent expenditure constitutes 45% of the budget, while capital expenditure makes up 55%.
Sanwo-Olu said development of infrastructure such as Fourth Mainland Bridge, Food and Logistics Hub and Lagos/Epe International Airport would be the key focus of the budget.
He said that the budget was also designed to cushion effects of the removal of petrol subsidy.
The governor said the budget would also give priority to investments in technology, adding that the state government had already disbursed over N500 million to more than 40 tech startups as part of the provisions of the 2024 budget.
He said the disbursements were done through the Lagos State Science Research and Innovation Council (LASRIC).
“Through the Lagos State Science Research and Innovation Council (LASRIC), we have disbursed over half a billion naira to more than 40 innovative startups in Lagos.
“LagRide was birthed by a start-up that took second place in the first Transportation Hackathon challenge we launched in 2019.
“The Lagos Cowry Card, Lagos’ version of the UK’s Oyster card, usable across our BRT, Ferry, and Train services, was developed by Touch and Pay Technologies, a startup run by young entrepreneurs.”
He said the state government had also empowered more than 350 young technology entrepreneurs through the Lagos Innovates Voucher Programme which provides access to electricity, internet services, and other benefits, through partner hubs. (GBN)
