Lagos to spend N482.8bn on infrastructure in 2023, says Egube
…LIRS to contribute 65% of IGR
Lagos State government on Tuesday said N482.86billon will be expended on infrastructure which is 27.3 percent of the N1.768trn 2023 budget.
Commissioner for Economic Planning and Budget. Mr Samuel Egube made this known in a press briefing at the Bagauda Kaltho Press Centre.
In his address, Egube said N157billion will be spent on education and N149billion on health which is a reduction from the 2022 budget where health got N155.93billion while education was allocated N171.6billionn.
The commissioner said the Lagos Inland Revenue Service (LIRS) is expected to contribute 65 percent of the Internal Generated Revenue (IGR), while 23 percent of the IGR will be generated by MDAs.
He said: “LIRS is expected to contribute 65 percent (N682,906billion) of the projected IGR, while about 23 percent (N241.899billion) 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, collaboration.
“Total revenue is estimated at N1.418trillion, while deficit-funding requirement is N350.411billionn, representing 20% of the budget size compared to 30 percent in year 2022.
“We will continue to manage our borrowing tightly within sustainability limits to continue to justify the AAA rating that has been affirmed two years in a row for resilience by Fitch rating agency.
“We will continue to grow, diversify, and strengthen our revenue sources and base.”
Eugbe also said the 2023 budget was prepared to continue the good work of the administration, especially in delivering reliable and sufficient infrastructure that meets the needs of a 21st century city.
“The state is totally committed to ensuring that the dividend from its investments in Integrated Transport Infrastructure, which will materialize into the birth of the fully functional light rail (Red-Blue) system, the first of its kind by a sub-national government in Africa and the 37km Fourth Mainland Bridge will be felt by the citizens of the state.
“These will reduce commute time to millions of Lagosians, reduce congestion on the existing Carter, Eko, Third Mainland Bridges and Ikorodu Road thus increasing productivity, quality of life, as well as improving the overall transportation system in the State,” Egube said.
The commissioner highlighted the infrastructures captured in the budget to include; the construction of the second phase of the blue line from Mile 2 to Okokomaiko, completion of eight stadia across the five IBILE divisions to facilitate youth development, engagement and community sports, continuous construction and rehabilitation of schools across the state to significantly improve access to quality education.
Others are the completion of 130 bed New Massey ultra-modern and fit for purpose Pediatric programmed and emergency General Hospital that will be the largest specialist children hospital in Sub- Saharan Africa, the completion of the modern 280 beds General Hospital serving the people of Ojo and its environs which is currently at 47% completion, completion of the mental health facility in Ketu Ereyun in Epe Local Government, completion of the Opebi Link Bridge to Maryland that will improve significantly travel time and alternative route options in the axis, rehabilitation/upgrading of Phase II Eti-Osa – Lekki-Epe Expressway project from Eleko T-Junction – Abraham Adesanya among others.
