Eko Hot Blog reports that the Lagos State government has earmarked N550.689 billion for development and maintenance in the fiscal year 2024.
The Commissioner of Economic Planning and Budget, Ope George disclosed this on Tuesday during the State’s Y2024 Budget Analysis Press Briefing held at the Bagauda Kaltho Press Centre in Alausa-Ikeja.
George, revealed that this allocation constitutes 24.28% of the entire budget of ₦1.315 trillion for the year.
He said, “the total amount of N550.689bn budgeted for Infrastructure represents 24.28% of the entire budget and is part of the ₦1.315trn Capital Budget for the year.”
Commissioner Ope George
The commissioner outlined key areas of focus, including ongoing transportation projects like the expansion of the rail network, road construction, and the completion of the Blue/Red Line and other metro projects within the state.
He said, “there will 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.”
Additionally, he disclosed that the budget aims to address the housing deficit by injecting N55.924 billion, representing 2.5% of the total budget, into the development of affordable housing schemes and urban renewal projects.
George said, “the Budget will also address the development of affordable housing schemes and urban renewal projects in improving the housing deficit in the State by injecting a total of N55.924bn representing 2.5% of the entire Budget.”
He listed some of the social housing projects including the completion of 444 units of building projects at Sangotedo Phase ll, the Completion of 420 units of building projects at Ajara, Badagry Phase ll and the Construction of 136 units of building Projects at Ibeshe ll, among others.
According to him, there will also be a focus on some special projects, and continuous progress on major infrastructure projects like the Lekki-Epe International Airport, the Omu Creek, Blue and Red Rail Lines, stressing that most of these projects would be prioritised.
Furthermore, he said that the Y2024 Budget incluudes the completion of front-loaded infrastructure projects and the commencement of the Fourth Mainland Bridge connecting Ikorodu to the Island.
George said that the budget prioritized agricultural development, with increased funding for projects and comprehensive training programs for farmers, aiming to stimulate economic growth and job creation.
His words, “The State’s commitment and continuous support to agriculture will include increased funding for projects and programmes, comprehensive training programmes, 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 State’s five-year Agric Roadmap stands as a testament to this commitment aimed at bolstering support for farmers and enhancing the overall food systems.
“This initiative prompted the State to allocate a total sum of N44.33 bn to Central Food Security, fostering projects such as the Cattle Feedlot Project, Fish Processing Hub programmes, and Wholesale Produce Hub & Market. These endeavours will elevate food quality, reduce prices, and optimise the Agricultural sector in the long run”, he added.
The budget also allocates substantial funds to education and healthcare, reflecting the state government’s commitment to human capital development and the well-being of its residents.
George averred that the total budget size of ₦2.267trn will be funded from a total revenue estimate of ₦1.880trn, comprised of Internally Generated Revenue (IGR) of N1.189trn, Capital Receipts of N94.605bn and Federal Transfer of N596.629bn, adding that LIRS is expected to contribute 63% (N750bn) of the projected TIGR, while about 23% (N283.567bn) is expected to be generated by other MDAs of government.
“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”, he added.
The commissioner emphasized the need to deepen revenue generation and increase the tax net through technological innovations and strategic initiatives in revenue collection.
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