The Lagos State Government has generated N300 million in revenue from Land Use Charge in the first four months of 2024.
This marks an important contribution to the projected N700 million from this charge for the year as outlined in the 2024 Lagos State budget.
The Lagos State Commissioner for Economic Planning and Budget, Mr. Ope George, made this disclosure during the Y2024 Ministerial Press Briefing held at the Bagauda Kaltho Press Centre, Alausa, Ikeja, on Thursday, while presenting the scorecard of the Lagos State Ministry of Economic Planning and Budget, as contained in a statement on the state government’s website.
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The Commissioner noted that what the state government has generated in the first four months of 2024 is an indication that the projection in the 2024 annual budget is achievable.
- “George also revealed that out of the N700 million projected revenue from Land Use Charge (LUC) for the year 2024, the State Government has realised a sum of N300 million within the first four months of the year.
- “According to him, the statistics show that the LUC projection in the 2024 annual budget is achievable and indicates a promising trajectory for surpassing annual revenue projections,” the statement read in part.
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Speaking further on the 2024 budget for Lagos State, George stated that the budget size, which exceeds N2 trillion, is still inadequate to meet the needs of residents, especially concerning infrastructure.
According to the Commissioner, the last consultative forum held by the Ministry of Economic Planning and Budget for the state government Ministries, Departments and Agencies, revealed that the financial needs of government agencies are more than N4 trillion, signalling a potential for increased budgetary allocation in the future.
- “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 said.
The Commissioner emphasized that the focus of the N2.267 trillion budget for 2024 is on completing ongoing projects, including the Blue and Red Line Rail System, Stadia, Lekki-Epe Road, New Massey Children’s Hospital, and Opebi-Mende Link Bridge, among others.