Lagos Plans To Invest N550 Billion In Infrastructure By 2024

The Lagos state government has earmarked N550.689 billion of the N2.267 trillion budget to develop, maintain, and complete ongoing infrastructural projects in 2024.

The N550.689 billion represents 24.28 percent of the entire budget.

George added that the focus will be on the completion of ongoing projects, particularly in transportation, such as rail network expansion, road construction, and completion of the Blue/Red Line and other metro projects.

The commissioner said N55.924 billion, representing 2.5 percent, will be used to provide affordable housing schemes and urban renewal projects to address the housing deficit.

He said: “There would be a focus on some special projects: continuous progress on major infrastructure projects like the Lekki-Epe International Airport, the Omu Creek, Blue and Redline, among others. These projects will be prioritised.

“The budget aims to complete the front-loaded and ongoing infrastructure, such as Massey Children Hospital, Omu Creek, Opebi-Mende Link Bridge, Stadia, SCRPS, Lekki-Epe, Lagos Badagry Express, among others, and begin the Fourth Mainland Bridge that will connect Ikorodu to the Island.

“The state’s commitment and continuous support to agriculture will include increased funding for projects and programmes, comprehensive training programs, and incentives tailored for farmers. Simultaneously, ongoing aid for Micro, Small, and Medium Enterprises (MSMEs) remains a priority to stimulate economic growth and foster job creation.

‘The state’s five-year Agric roadmap stands as a testament to this commitment aiming to bolster support for farmers and enhance our overall food systems. This prompted the state to allocate N44.33 billion towards the Central Food Security, fostering projects such as the cattle Feedlot Project, Fish Processing Hub programs, and Wholesale Produce Hub and Market. These endeavours aim to elevate food quality, reduce prices, and optimize the agricultural sector in the long run.

“In order to boost Human Capital Development through education and healthcare, the state has allocated 13.35 percent of the total budget to personnel cost in 2024, an increase of 33 percent compared to the Year 2023.

“The N180.693 billion in education will allow continuous investment in educational infrastructure, digital skills initiatives, and vocational education, thus enhancing learning opportunities for every child in the state.”

George added that the N2. 267 trillion budget would be funded from a revenue estimate of N1.880 trillion, comprising IGR of N1.189 trillion, capital receipts of N94.605 billion, and Federal Transfer of N596.629 billion. The Lagos Internal Revenue Service (LIRS) is expected to contribute 63 percent (N750 billion) of the projected IGR. In comparison, about 23 percent (N283.567 billion) is expected to be generated by other Ministries, Departments, and Agencies (MDAs).

“We shall achieve this by deepening the revenue and increasing the tax net through the deployment of technology, economic intelligence, data gathering, and analysis among other initiatives.

‘There are huge revenue-generating opportunities in the informal sector, including real estate, transportation, and trade.”