The Lagos State government has said it will invest N550.689 billion to develop and maintain its infrastructure in 2024.
Commissioner of Economic Planning and Budget, Ope George disclosed this on Wednesday during the State 2024 Budget Analysis at the Bagauda Kaltho Press Centre, in Alausa-Ikeja.
George said the amount N550.689bn on Infrastructure represents 24.28percent of the entire budget is part of the ₦1.315trillion capital budget for the year.
George said there would be the continuation of ongoing transportation projects, such as the expansion of the rail network, road construction, completion of the Blue and Red Lines, and other metro projects within the State.
The Commissioner 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 N55.924billion representing 2.5percent 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 Two Construction of 136 units of building Projects at Ibeshe ll, among others.
He added that there would be focus on some “Special Projects: Continuous progress on major infrastructure projects like the Lekki-Epe International Airport, the Omu Creek, Blue and Red lines etc. It should be noted that most of these projects will be prioritized.”
The commissioner stated that this year’s budget intended to complete the front-loaded and ongoing infrastructure (such as the new Massey Children’s hospital, Omu Creek, Opebi-Mende-Ojota Link Bridge, Stadia, Rehabilitation of Public Schools, Lekki-Epe and Lagos-Badagry Expressways etc.) and commence the awaiting Fourth Mainland Bridge that will connect Ikorodu to the Island.
George said, “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 billion 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 said the State has allocated 13.35percent of the total budget to personnel cost in 2024, an increase of 33 percent compared to 2023, adding that the N180.693 billion in the 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 ₦2.267 trillion would be funded from a total revenue estimate of ₦1.880 trillion, comprising Internally Generated Revenue (IGR): 1.189 trillion; Capital Receipts N94.605 billion and Federal Transfer 596.629 billion, adding that LIRS is expected to contribute 63% (N750 billon) of the projected TIGR, and about 23% (N283.567bn) is expected to be generated by other MDAs of government.
