The Lagos State Government says it will spend N550.689 billion to develop and maintain infrastructure across the state in 2024.
The Commissioner of Economic Planning and Budget, Mr. Ope George, made this known on Wednesday, during the state’s ”2024 Budget Analysis”, held at Ikeja.
George said that the N550.689 billion on Infrastructure, which represented 24.28 per cent of the entire budget, was part of the N1.315 trillion capital budget for the year.
Highlighting some of the infrastructure targeted with the budget, he said that there would be the continuation of ongoing transportation projects
George said these projects include the expansion of the rail network; road construction; and completion of the Blue/Red Line and other metro projects within the state.
According to him, the budget will also address 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: 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.
The commissioner said that the 2024 budget intended to complete the front-loaded and ongoing infrastructure like the Massey; Omu Creek; Opebi-Mende Link Bridge; Stadia; SCRPS; Lekki-Epe; Lagos Badagry Express, among others.
He said that the 2024 budget would ensure the commencement the awaiting 4th Mainland Bridge that would connect Ikorodu to the Island.
George said that the state’s commitment and continuous support to agriculture would include increased funding for projects and programmes, comprehensive training programmes, and incentives tailored for farmers.
He said that simultaneously, ongoing aid for Micro, Small, and Medium Enterprises (MSMEs) remained a priority to stimulate economic growth and foster 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 optimise the agricultural sector in the long run,” George said.
He said that the state would boost Human Capital Development through Education and Healthcare, which was of deep interest to the state, as a population that remained healthy, skilled, and safe could only convert the opportunities in the state to value.
The commissioner said that the state had allocated 13.35 per cent of the total budget to personnel cost in Year 2024, an increase of 33 per cent compared to Year 2023.
He said that the N180.693 billion in education sector would allow continuous investment in educational infrastructure, digital skills initiatives, and vocational education, thus enhancing learning opportunities for every child in the state.
George said that the total budget size of N2.267 trillion would be funded from a total revenue estimate of N1.880 trillion, comprised of Internally Generated Revenue (IGR): N1.189trn, Capital Receipts N94.605 billion and Federal Transfer N596.629 billion
According to him, LIRS is expected to contribute 63 per cent (N750 billion) of the projected TIGR, while about 23 per cent (N283.567 billion) is expected to be generated by other MDAs of government.
”We shall achieve this by deepening revenue and increase the tax net through the deployment of technology, economic intelligence, data gathering and analysis, amongst other initiatives.
”There were huge revenue generating opportunities in the informal sector, including real estates, transportation, and trade,” he said.
The commissioner said that the deficit of N387.125 billion was projected to be funded by a combination of internal, external loans and bond issuance.