The Lagos State Home of Meeting has handed into regulation the N2.2tn 2024 appropriation invoice introduced to it by Governor Babajide Sanwo-Olu.
The price range was handed on Friday at a plenary presided over by the Speaker of the Home, Mudashiru Obasa.
Sanwo-Olu, on Wednesday, December 14, introduced a price range estimate of N2.2tn for the 2024 fiscal 12 months to the Meeting.
The price range, christened ‘Finances of Renewal’, includes N1.02trn recurrent expenditure, which is 45 per cent of the whole price range, and N1.22tn capital expenditure, which is 55 per cent of the price range.
Presenting the price range to the lawmakers, Sanwo-Olu had mentioned, “The Yr 2024 Finances, as proposed, had a complete price range dimension of N2.24tn, comprising a complete income of N1.84tn and deficit financing of N398.283bn.
“The overall income includes our Internally Generated Income and whole federal transfers as follows: whole IGR, N1.251trn; and whole federal switch, N596.6bn.
“We equally suggest a recurrent expenditure of N1.021tn, comprising whole overhead, whole personnel price and recurrent debt service damaged down as follows:
“Whole Overhead Price: N527.782bn; that is made up of overhead, N304.753bn; subventions, N123.010bn; devoted funds amounting to N100.02bn; whole personnel price, N319.230bn; and recurrent debt service of N174.94bn.”
Breaking down the proposed price range by sectors, the governor mentioned Financial Affairs acquired the biggest chunk of the 2024 price range with an estimate of N535bn.
Surroundings acquired N94bn; Well being, N156bn; N199bn for Training; N50bn for Social Safety, whereas Public Order and Security acquired N84bn.
Saturday PUNCH reported that the Speaker of the Home, on Saturday, December 16, promised that the Home would go the 2024 Appropriation Invoice into regulation as a New Yr current to Lagosians.
Obasa made the promise when Sanwo-Olu paid an unscheduled go to to the venue of the price range retreat organised for members of the Meeting in Abuja.