Ayodele Olalere
The Lagos State Government, on Wednesday, said it would widen its tax net in order to meet up with its projected N1. 880 trillion revenue for the year 2024.
It is recalled Governor Babajide Sanwo- Olu recently signed the ₦2.267trillion 2024 budget into law which comprises of Internally Generated Revenue, IGR, of N1.189 trillion, Capital Receipts of N94.605 billion and Federal Transfer of N596.629 billion.
According to the Commissioner for Economic Budget and Planning, Ope George, while giving analysis of the 2024 budget at a briefing, the state is expected to fund its project through monthly allocation from the federal government as well as IGR, which will be realised through payment of taxes.
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He added that this year, the state government would use technology to capture more Lagosians on its tax payers roll. He however assured that the government would not put more tax burden on the people.
In the area of infrastructure, the Commissioner said the state would invest N550.689 billion to develop and maintain its infrastructure in 2024.
He said the amount on Infrastructure representing 24.28% of the entire budget is part of the ₦1.315 trillion capital budget for the year.
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Some of the projects that would be financed with the amount includes the continuation of ongoing transportation projects, such as the expansion of the rail network, road construction, and completion of the Blue/Red Line and other metro projects within the state.
Ope George further said a total of N55.924 billion representing 2.5% of the entire Budget would be used to complete some housing projects such as the completion of 444 units of building projects at Sangotedo Phase ll, 420 units of building projects at Ajara, Badagry Phase ii construction of 136 units of building at Ibeshe ll.
Other projects that would also be funded from the budget include the Massey Hospital, Omu Creek, Opebi-Mende link bridge, Stadia, SCRPS, Lekki-Epe, Lagos Badagry Express, and the commencement of the construction of the 4th Mainland Bridge that will connect Ikorodu to the Island.
Analysing the budget for agriculture, the Commissioner said that a total sum of N 44.33 billion has been budgeted towards Central Food Security by fostering projects such as the cattle feedlot project, fish processing hub programs, and wholesale produce hub & market.
For Human Capital Development through Education and Healthcare, 13.35% of the total budget was allocated to personnel cost for 2024 which is an increase of 33% compared to 2023.
The education sector is also not left out as a total of N180.693 billion was budgeted which will allow continuous Investment in educational infrastructure, digital skills initiatives, and vocational education, thus enhancing learning opportunities.
