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The Lagos State Government has revealed that it plans to allocate N550.689 billion in the 2024 fiscal year for the development and maintenance of its infrastructure, constituting 24.28% of the N1.315 trillion capital budget for the year.
The Commissioner for Economic Planning and Budget, Mr. Ope George, made this announcement during a press briefing on the State’s 2024 Budget analysis at the Bagauda Kaltho Press Centre in Alausa, Ikeja.
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The commissioner outlined key areas of infrastructure development, including the continuation of ongoing transportation projects such as rail network expansion, road construction, and the completion of the Blue/Red Line and other metro projects.
Additionally, the 2024 Budget aims to address the housing deficit by injecting N55.924 billion (2.5% of the entire budget) into affordable housing schemes and urban renewal projects. Social housing projects, such as the completion of building projects at Sangotedo Phase II and Ajara, Badagry Phase II, are among the initiatives.
Special projects highlighted in the budget include ongoing major infrastructure projects like the Lekki-Epe International Airport, Omu Creek, Blue and Redline, and the commencement of the awaited 4th Mainland Bridge connecting Ikorodu to the Island.
The commissioner emphasized the state’s commitment to agriculture, with increased funding for projects and programs, comprehensive training programs, and incentives for farmers. Micro, Small, and Medium Enterprises (MSMEs) will receive ongoing support to stimulate economic growth and job creation.
A significant portion of the budget, 13.35%, is allocated to Human Capital Development through Education and Healthcare. The commissioner noted that the administration believes a healthy, skilled, and safe population can maximize opportunities in the state.
The total budget size for 2024 is ₦2.267 trillion, funded from a total revenue estimate of ₦1.880 trillion, comprising Internally Generated Revenue (IGR) of ₦1.189 trillion, Capital Receipts of ₦94.605 billion, and Federal Transfer of ₦596.629 billion.
The deficit of ₦387.125 billion is expected to be financed through a combination of internal and external loans and bond issuance. The Lagos Internal Revenue Service (LIRS) is projected to contribute 63% of the projected IGR, and other MDAs of the government are expected to generate about 23%.
The Lagos State Nigeria plans to deepen revenue by expanding the tax net through technology deployment, economic intelligence, data gathering, and analysis, particularly focusing on revenue opportunities in the informal sector, including real estate, transportation, and trade.
