LASG to invest N550.689bn on infrastructure
By Adeola Ogunrinde
Lagos State government on Wednesday said it would invest N550.689bn to develop and maintain its infrastructure in 2024.
This was disclosed by the Commissioner of Economic Planning and Budget, Ope George during the State 2024 Budget analysis at Alausa-Ikeja.
He said N550.689bn on Infrastructure represents 24.28% of the entire budget, adding that it was part of the ₦1.315trn capital budget for 2024.
While highlighting some of the infrastructure targeting with the Budget, he said there would 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 would also address development of affordable housing schemes and urban renewal projects in addressing the housing deficit in the State by injecting a total of N55.924bn representing 2.5% 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”, said George.
He added that there would be focus on some “Special Projects” such as the Lekki-Epe International Airport, the Omu Creek, Blue and Red line.
The Commissioner said the budget intends to complete the front-loaded and ongoing infrastructure (e.g. Massey, Omu Creek, Opebi-Mende Link Bridge, Stadia, SCRPS, Lekki-Epe, Lagos Badagry Express etc.) and commence the 4th Mainland Bridge.
George added “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. Simultaneously, ongoing aid for Micro, Small, and Medium Enterprises (MSMEs) remains a priority to stimulate economic growth and foster job creation”.
“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.”
He added “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 Y2024, an increase of 33% compared to Y2023. 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.
“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.
“There are huge revenue generating opportunities in the informal sector, including real estates, transportation, and trade.
“The deficit of ₦387.125bn is projected to be funded by a combination of Internal, External Loans and Bond Issuance”.
