The Lagos State Government plans to allocate N550.689 billion, constituting 24.28% of its 2024 budget, for infrastructure development and maintenance.
The Commissioner of Economic Planning and Budget, Mr Ope George, shared this information during the state’s “2024 Budget Analysis” held at Ikeja.
According to George, notable focuses include ongoing transportation projects like rail network expansion, road construction, and completing the Blue/Red Line and other metro projects.
The commissioner also stated that N55.924 billion, equivalent to 2.5% of the budget, will address the housing deficit through affordable housing schemes and urban renewal projects.
- Some of the social housing projects include: 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.
- ”There will be focus on some “Special Projects: Continuous progress on major infrastructure projects like the Lekki-Epe International Airport; the Omu Creek; Blue and Red line, etc. It should be noted that most of these projects will be prioritised,” he said. ”
Additionally, the commissioner emphasized that the 2024 budget aims to finalize both immediate and ongoing infrastructure projects, such as Massey, Omu Creek, Opebi-Mende Link Bridge, Stadia, SCRPS, Lekki-Epe, Lagos Badagry Express, and more.
He highlighted that the budget also prioritizes the initiation of the long-awaited 4th Mainland Bridge, connecting Ikorodu to the Island.
George affirmed the state’s unwavering dedication to agriculture, promising augmented financial support, extensive training initiatives, and customized incentives for farmers in the upcoming year.
He mentioned that concurrently, maintaining support for Micro, Small, and Medium Enterprises (MSMEs) continues to be a top priority, aiming to stimulate economic growth and promote job creation.
- ”The state’s five-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 toward Central Food Security, fostering projects such as the Cattle Feedlot Project; Fish Processing Hub programmes, and Wholesale Produce Hub & Market.
- ” These endeavours aim to elevate food quality, reduce prices, and optimize the agricultural sector in the long run,” George said.
More Insights
- The commissioner also emphasized the state’s commitment to enhancing Human Capital Development through investments in Education and Healthcare.
- George further highlighted that in the Year 2024, 13.35% of the total budget is allocated to personnel costs, reflecting a 33% increase compared to 2023.
- The commissioner emphasized that the N180.693 billion allocated to the education sector would facilitate sustained investments in educational infrastructure, digital skills initiatives, and vocational education, ultimately improving learning opportunities for all children in the state.
- George outlined that the N2.267 trillion total budget would be funded by a total revenue estimate of N1.880 trillion, including Internally Generated Revenue (IGR) of N1.189 trillion, Capital Receipts of N94.605 billion, and Federal Transfer of N596.629 billion. He noted that LIRS is expected to contribute 63% (N750 billion) of the projected Total Internally Generated Revenue (TIGR), while other government MDAs are anticipated to generate about 23% (N283.567 billion).
- The commissioner mentioned that the anticipated deficit of N387.125 billion would be covered through a mix of internal and external loans, as well as bond issuance.