Ope George, the commissioner of economic planning and budget, announced this during the state’s “2024 Budget Analysis” on Wednesday at the Ikeja venue. George explained that the ₦1.315 trillion capital budget for the year included the ₦550.689 billion on infrastructure, or 24.28% of the total budget.
Reiterating that ongoing transportation projects would be continued, he highlighted some of the infrastructure that the budget was intended to target. According to George, these initiatives include building new roads, extending the train system, and finishing the Blue/Red Line and other state-wide metro projects.
He claims that in order to alleviate the state’s housing shortage, the budget will also target the creation of affordable housing schemes and urban regeneration initiatives by injecting a total of ₦55.924 billion, representing 2.5% of the entire budget.
“Among the social housing projects are the construction of 136 building units at Ibeshe ll, the completion of 420 building units at Ajara, Badagry Phase ll, and 444 building units at Sangotedo Phase ll, among others.
Focus will be on a few “Special Projects: Ongoing development of significant infrastructure projects such as the Omu Creek, the Blue and Red lines, and the Lekki-Epe International Airport, among others. The majority of these projects will be given priority, it should be stressed,” he stated.
The commissioner stated that the goal of the 2024 budget was to finish the ongoing and front-loaded infrastructure projects, such as the Lagos Badagry Express, Stadia, SCRPS, Omu Creek, Massey, and Opebi-Mende Link Bridge.
According to him, the budget for 2024 would guarantee that construction on the long-awaited fourth mainland bridge—which would link Ikorodu and the island—would begin. George declared that more financing for initiatives and programs, thorough training programs, and farmer-specific incentives would all be part of the state’s ongoing commitment to and support of agriculture.
In addition, he stated that continuing support for Micro, Small, and Medium-Sized Enterprises (MSMEs) continued to be a top priority in order to promote job creation and economic growth. The state’s five-year agricultural roadmap, which aims to improve our entire food systems and strengthen assistance for farmers, is evidence of this dedication.The state committed ₦44.33 billion to Central Food Security as a result of this endeavor, supporting initiatives like the Fish Processing Project and the Cattle Feedlot Project.
In a statement that piqued the state’s intense interest, he declared that the state will promote human capital development through healthcare and education since only a population that was safe, skilled, and well could turn the state’s prospects into something worthwhile.
According to the commissioner, in Year 2024, the state spent 13.35% of the entire budget on human costs, a 33% increase from Year 2023. According to him, the allocation of ₦180.693 billion for education would facilitate ongoing investments in digital skills projects, educational facilities, and vocational education, ultimately improving learning prospects for all state children.
According to George, the ₦1.880 trillion total income estimate, which is made up of ₦1.189 trillion in internally generated revenue (IGR), ₦94.605 billion in capital receipts, and ₦596.629 billion in federal transfers, will be used to pay the ₦2.267 trillion overall budget.
He estimates that LIRS will earn roughly 23% (₦283.567 billion) of the predicted TIGR, with the remaining 63% (₦750 billion) coming from other government MDAs.
“We’ll do this by deploying technology, gaining economic knowledge, collecting and analyzing data, and taking other steps to broaden the tax base and raise money.
He said that the informal sector offered “huge revenue-generating opportunities in real estate, transportation, and trade.”
The commissioner stated that it was anticipated that bonds and internal and foreign loans will be used to cover the ₦387.125 billion shortfall.