Lagos State Rakes In N300m from Land Use Charge, Budget Concerns Linger

• Lagos generates N300 million from Land Use Charge in first four months of 2024

• Commissioner says revenue indicates achievability of N700 million annual projection

• Concerns raised over budget size inadequacy to meet infrastructural needs

Eko Hot Blog reports that in a financial update, the Lagos State government has revealed that it garnered N300 million in revenue from land use charges during the first four months of 2024.

This announcement was made by Ope George, the Lagos State Commissioner for Economic Planning and Budget, during a ministerial press briefing held in Ikeja on Thursday.

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According to George, the acquired revenue is an indication that the N700 million projection from Land Use Charge in the 2024 Lagos State annual budget is achievable.

“What this implies is that Lagos can have a budget size of N4 trillion, but going by the available indices at the moment, such projection cannot be made until there are available means and revenue sources that can conveniently fund such budget size,” George stated, signifying a potential budget review.

However, the commissioner acknowledged concerns about the adequacy of the current budget size to meet the state’s infrastructural development needs.

“The financial needs of government agencies exceed N4 trillion following the last consultative forum held by the Ministry of Economic Planning and Budget for the state government,” he said.

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George further explained that the N2.267 trillion state budget for 2024 is targeted at completing ongoing infrastructural projects, including the Blue and Red Line Rail System, Stadia, Lekki-Epe Road, New Massey Children’s Hospital, and the Opebi-Mende Link Bridge.

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