Lagos State Government yesterday disclosed that in 2024 fiscal year, N550.689bn will be expended to develop and maintain its infrastructure. The sum represents 24.28percent of the N1.315trn capital budget for the year.
Commissioner for Economic Planning and Budget, Mr. Ope George, stated this while speaking with newsmen during the State 2024 Budget analysis which took place at the Bagauda Kaltho Press Centre, Alausa, Ikeja.
The commissioner, while listing some of the infrastructure, said there would be the continuation of ongoing transportation projects, such as the expansion of the rail network, road construction, and completion of the Blue/Red Line and other metro projects within the state.
He said the 2024 Budget would also address the development of affordable housing schemes and urban renewal projects, saying that this was aimed at addressing the housing deficit in the state by injecting a total of N55.924bn representing 2.5% of the entire Budget.
According to him, some of the social housing projects include the completion of 444 units of building Projects at Sangotedo Phase ll, completion of 420 units of building projects at Ajara, Badagry Phase ll Construction of 136 units of building Projects at Ibeshe ll, among others.
Besides, George said there would be a focus on some special projects, namely: Continuous progress on major infrastructure projects like the Lekki-Epe International Airport, the Omu Creek, Blue and Redline, among others, declaring that most of these projects would be prioritized.
“This year’s budget intends to complete the front-loaded and ongoing infrastructure (e.g. Massey, Omu Creek, Opebi-Mende Link Bridge, Stadia, SCRPS, Lekki-Epe, Lagos Badagry Express etc.) and commence the awaiting 4th Mainland Bridge that will connect Ikorodu to the Island.
“The state’s commitment and continuous support to agriculture will include increased funding for projects and programmes, comprehensive training programs, and incentives tailored for farmers. Simultaneously, ongoing aid for Micro, Small, and Medium Enterprises (MSMEs) remains a priority to stimulate economic growth and foster job creation,” the commissioner said.
‘The state’s 5-year agric roadmap stands as a testament to this commitment aiming to bolster support for farmers and enhance our overall food systems.
“This initiative prompted the state to allocate a total sum of N44.33bn towards Central Food Security, fostering projects such as the Cattle Feedlot Project, Fish Processing Hub programs, and Wholesale Produce Hub & Market. These endeavours aim to elevate food quality, reduce prices, and optimize the Agricultural sector in the long run,” he added.
On Human Capital Development through Education and Healthcare, the commissioner expressed the Governor Babajide Sanwo-Olu administration’s in the sector, saying that 13.35percent of the total budget was allocated to personnel cost in Y2024, an increase of 33percent compared to Y2023.
He said that this was done based on the administration’s belief that a population that is healthy, skilled, and safe can only convert the opportunities in the state to value.
“The N180.693Bn in the education sector will allow continuous Investment in educational infrastructure, digital skills initiatives, and vocational education, thus enhancing learning opportunities for every child in the state,” George said.
Speaking further, the commissioner said that the total budget size of ₦2.267trn would be funded from a total revenue estimate of ₦1.880trn, which comprises Internally Generated Revenue (IGR) of 1.189trn, Capital Receipts, 94.605bn and Federal Transfer of 596.629bn, adding that LIRS was expected to contribute 63% (N750bn) of the projected TIGR, while about 23% (N283.567bn) is expected to be generated by other MDAs of government.
“The deficit of ₦387.125bn is projected to be funded by a combination of Internal and external loans and bond issuance.
“We shall achieve this by deepening the revenue and increasing the tax net through the deployment of technology, economic intelligence, data gathering and analysis amongst other initiatives. There are huge revenue-generating opportunities in the informal sector, including real estate, transportation, and trade,” he said.
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