Lagos State Commissioner of Economic Planning and Budget, Ope George, on Wednesday, revealed that only 24.28 percent, N550.68b, of the state’s N2.267trn 2024 budget would be for the development and maintenance of its infrastructure in 2024.
George said this during the state 2024 Budget analysis at the Bagauda Kaltho Press Centre in Alausa-Ikeja.
He said the N550.689bn on Infrastructure represents 24.28 percent of the entire budget, but part of the ₦1.315trn capital budget for the year.
Highlighting some of the infrastructure targeting 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 addressing the housing deficit in the State by injecting a total of N55.924bn representing 2.5% of the entire Budget.
Some of the social housing projects include the 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.
Adding that 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 prioritized.’
Meanwhile, this year budget according to the Commissioner, intends to complete the front-loaded and ongoing infrastructure of Massey, Omu Creek, Opebi-Mende Link Bridge, Stadia, SCRPS, Lekki-Epe, Lagos Badagry Express etc.) and commence the awaiting 4th Mainland Bridge that will connect Ikorodu to the Island.
George added that 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.
“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 bn towards Central Food Security, fostering projects such as the Cattle Feedlot Project, Fish Processing Hub programs, and Wholesale Produce Hub & Market. These endeavors aim to elevate food quality, reduce prices, and optimize the Agricultural sector in the long run.”
In order to boost Human Capital Development through Education and Healthcare which is of deep interest to the state due to the administration belief that a population that is healthy, skilled, and safe can only convert the opportunities in the State to value, the State has allocated 13.35% of the total budget to personnel cost in 2024, an increase of 33% compared to 2023.
“The N180.693Bn in 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.”
Meanwhile, George has said that the total budget size of ₦2.267trn will be funded from a total revenue estimate of ₦1.880trn, comprises of Internally Generated Revenue (IGR): 1.189trn, Capital Receipts 94.605bn and Federal Transfer 596.629bn 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 increase the tax net through the deployment of technology, economic intelligence, data gathering and analysis amongst other initiatives.”
He said that there are huge revenue generating opportunities in the informal sector, including real estates, transportation, and trade.
The commissioner, however, failed to provide details on the actual Internally General Revenue for 2023 and what would be the contribution of Pay As You Earn tax to the target 2024 IGR.
