…The budget includes a total revenue of N1.847 trillion, including Internally Generated Revenue (IGR) of N1.251 trillion and Federal Transfers of N596.629 billion.
…It also focuses on a recurrent expenditure of N1.021 trillion and N1.224 trillion for capital investment
WED, DEC 13 2023-theGBJournal|Lagos State Governor Babajide Sanwo-Olu on Wednesday presented the State’s budget for the 2024 calendar year, totalling N2.246 trillion and focused on capital expenditure.
His said the budget is to help further propel the state’s progress in vital sectors like transportation, healthcare, education, and infrastructure.
The budget includes a total revenue of N1.847 trillion, including Internally Generated Revenue (IGR) of N1.251 trillion and Federal Transfers of N596.629 billion.
It also focuses on a recurrent expenditure of N1.021 trillion and N1.224 trillion for capital investment, fostering growth aligned with his administration’s #THEMES+ agenda.
”With this new budget, our commitment to transportation upgrades is evident with the expansion of rail networks, increased ferry services, road constructions, and the commissioning of new bridges, ensuring smoother commuting experiences.
Infrastructure development, environmental sustainability, entertainment, gender equality, and youth-focused projects stand at the heart of this budget, aimed at creating a vibrant, inclusive, and sustainable Lagos,” the Governor said while presenting the budget to members of the State House Assembly.
Governor Sanwo-Olu noted that this budget is very important to the State and spoke to some of the strides so far made that this budget will help his administration accelerate.
”We are at various stages of securing the PPPs and financing for audacious infrastructure initiatives like: The Lekki-Epe International Airport, our Food and Logistics Hub, the second phase of the Lagos Metro Blue Line and the 4th Mainland Bridge,” he said
He flaunted some achievements in the last year, including the Lekki Deep Sea Port, Imota Rice Mill, and Phase One of the Blue Line Rail, and completion of the GAC Motors Assembly Plant.
”In partnership with notable players, we broke ground on the $100 million Lagos Film City in Ejirin, Epe. Over 3,000 young people have now been trained through our partnerships. We also commissioned the J Randle Centre, the first of many initiatives aimed at the preservation of the heritage of the Yoruba, through the celebration of history and culture.
In environment and waste management, Lagos has started to wear a new face and at COP28, we showcased commitment to climate action, drawing substantial investor interest in waste-to-energy projects and sewage treatment that we have created for our state.
In education, we’ve equipped educators with tools for the future – Eko Excel, offering tablets for teachers, e-learning devices for over 500,000 students, and making LASU residential with an almost completed hostel of 8,272 bed spaces.
In healthcare, we have significantly improved health access with new primary and secondary healthcare centres. We are building West Africa’s largest children’s hospital and delivering a new 280-bed unit at Ojo General Hospital.”
He said over half a billion Naira has been disbursed to 40 startups through LASRIC.
”Through the Lagos State Employment Trust Fund (LSETF), we have supported more than 12,000 Micro, Small and Medium Enterprises (MSMEs) to access over N8.4 billion in loans.
In transportation, we are fully on board with the Federal Government’s CNG-powered buses initiative, which will deliver sizable numbers of these buses to each state for public transportation,” Sanwo-Olu said.
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