Commissioner of Economic Planning and Budget, Ope Georgen said the Lagos State government would invest N550.689 billion to develop and maintain its infrastructure in 2024.
The amount represents 24.28 per cent of the entire budget and part of the ₦1.315trillion capital budget for the year.
Speaking on Wednesday during the State 2024 Budget Analysis, he highlighted the continuation of ongoing transportation projects, such as the expansion of the rail network, road construction, completion of the Blue and Red Lines, and other metro projects within the State.
The Commissioner said the Budget would also address the development of affordable housing schemes and urban renewal projects in addressing the housing deficit in the State by injecting a total of N55.924 billion representing 2.5 per cent of the entire Budget. Some of the social housing projects include the completion of 444 units of building Projects at Sangotedo Phase ll; the completion of 420 units of building Projects at Ajara, Badagry; and Phase Two Construction of 136 units of building Projects at Ibeshe ll, among others.
He added that there would be a focus on some “Special Projects: Continuous progress on major infrastructure projects like the Lekki-Epe International Airport, the Omu Creek, Blue and Red lines etc. It should be noted that most of these projects will be prioritized.”
Meanwhile, this year’s budget according to the Commissioner intends to complete the front-loaded and ongoing infrastructure (such as the new Massey Children’s Hospital, Omu Creek, Opebi-Mende-Ojota Link Bridge, Stadia, Rehabilitation of Public Schools, Lekki-Epe and Lagos-Badagry Expressways etc.) and commence the awaiting Fourth Mainland Bridge that will connect Ikorodu to the Island.
George said, “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 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 N44.33 billion 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.”
To boost Human Capital Development through Education and Healthcare, which is of deep interest to the State due to the administration’s belief that a population that is healthy, skilled, and safe, can only convert the opportunities in the State into value. The State has allocated 13.35 per cent of the total budget to personnel costs in Y2024, an increase of 33 compared to Y2023. The N180.693 billion 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 has said that the total budget size of ₦2.267 trillion will be funded from a total revenue estimate of ₦1.880 trillion, comprised of Internally Generated Revenue (IGR): 1.189 trillion; Capital Receipts 94.605 billion and Federal Transfer 596.629 billion, adding that LIRS is expected to contribute 63% (N750 billion) of the projected TIGR, and about 23 per cent (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. There are huge revenue-generating opportunities in the informal sector, including real estate, transportation, and trade, he said.”
He also noted, “The deficit of ₦387.125bn is projected to be funded by a combination of Internal, External Loans and Bond Issuance.”
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