Lagos State Government Allocates N550.689 Billion for Infrastructure in 2024 Budget

Arewacoolmusic January 31, 2024

The Lagos State Government is set to allocate N550.689 billion, accounting for 24.28% of its 2024 budget, for infrastructure development and maintenance. Mr. Ope George, the Commissioner of Economic Planning and Budget, shared this information during the "2024 Budget Analysis" held in Ikeja.

Key focuses of the budget include ongoing transportation projects such as rail network expansion, road construction, and completing the Blue/Red Line and other metro projects. Additionally, N55.924 billion, equivalent to 2.5% of the budget, is allocated to address the housing deficit through affordable housing schemes and urban renewal projects.

Social housing projects include the completion of building projects at Sangotedo Phase ll, Ajara, Badagry Phase ll, and construction projects at Ibeshe ll. The budget also prioritizes special projects like the Lekki-Epe International Airport, Omu Creek, Blue and Red lines, and the initiation of the 4th Mainland Bridge connecting Ikorodu to the Island.

The commissioner emphasized the state's commitment to agriculture, promising increased financial support, extensive training initiatives, and customized incentives for farmers. Support for Micro, Small, and Medium Enterprises (MSMEs) remains a top priority, aiming to stimulate economic growth and job creation.

Human Capital Development through investments in education and healthcare is a key focus. The 2024 budget allocates 13.35% to personnel costs, reflecting a 33% increase compared to 2023. The education sector receives N180.693 billion to enhance educational infrastructure, digital skills initiatives, and vocational education.

The N2.267 trillion total budget will be funded by a total revenue estimate of N1.880 trillion, including Internally Generated Revenue (IGR) of N1.189 trillion, Capital Receipts of N94.605 billion, and Federal Transfer of N596.629 billion. The anticipated deficit of N387.125 billion will be covered through a mix of internal and external loans and bond issuance.

The budget reflects the state's commitment to comprehensive development, addressing infrastructure, housing, agriculture, education, healthcare, and economic empowerment.