The Lagos 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, Ope George, said this on Wednesday during the state’s ‘2024 Budget Analysis’ held at Ikeja.
Mr George said 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 ongoing transportation projects would continue.
Mr George said these projects include expanding the rail network, constructing roads, and completing the blue-red line and other metro projects.
According to him, 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 N55.924 billion, representing 2.5 per cent of the entire budget.
The commissioner said 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 the 2024 budget would ensure the commencement of the awaiting 4th Mainland Bridge connecting Ikorodu to the Island.
Mr George said 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 added that simultaneously, ongoing aid for micro, small, and medium enterprises (MSMEs) remained a priority to stimulate economic growth and foster job creation.
He also mentioned that Lagos 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 Lagos had allocated 13.35 per cent of the total budget to personnel costs in 2024, an increase of 33 per cent compared to 2023.
He explained 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.
Mr George said the total budget size of N2.267 trillion would be funded from a total revenue estimate of N1.880 trillion, comprising internally generated revenue: N1.189 trillion, capital receipts of N94.605 billion and federal transfer of 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 the government.
The commissioner said the deficit of N387.125 billion was projected to be funded by internal and external loans and bond issuance.
