The Lagos State government has said it will invest N550.689bn to develop and maintain its infrastructure in 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.
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.
While highlighting some of the infrastructure targeted with the Budget, 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.
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.
The Y2024 Budget, the Commissioner said, was designed to also ensure the completion of the front-loaded and ongoing infrastructure like Massey, Omu Creek, Opebi-Mende Link Bridge, Stadia, SCRPS, Lekki-Epe, Lagos Badagry Express etc., as well as the commencement of the Fourth Mainland Bridge that will connect Ikorodu to the Island.
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.
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% of the total budget to personnel costs in Y2024, an increase of 33% compared to Y2023. The N180.693Bn 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 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 reiterated that there are huge revenue-generating opportunities in the informal sector, including real estate, transportation, and trade, noting that the deficit of ₦387.125bn is projected to be funded by a combination of Internal, External Loans and Bond Issuance.
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