Lagos State Government has said that it plans to allocate N550.689 billion, or 24.28% of its 2024 budget, to infrastructure development and maintenance.
The Commissioner of Economic Planning and Budget, Mr Ope George, who made this disclosure during the state’s ‘2024 Budget Analysis’ held at Alausa Ikeja, listed some of the key projects as including the ongoing transportation projects on rail network expansion, road construction, and completing the Blue/Red Line and other metro projects.
The commissioner also explained that N55.924 billion, accounting for 2.5% of the budget, would be committed to bridging the housing deficit gap through affordable housing schemes and urban renewal projects.
He clarified: “Some of the social housing projects include: completion of 444 units of building projects at Sangotedo Phase ll, completion of 420 units of building Projects at Ajara, Badagry Phase ll construction of 136 units of building projects at Ibeshe ll, among others.
”There will be focus on some “Special Projects: Continuous progress on major infrastructure projects like the Lekki-Epe International Airport; the Omu Creek; Blue and Red line, etc. It should be noted that most of these projects will be prioritized”, George added.
The commissioner maintained that the 2024 budget aimed to finalize both immediate and ongoing infrastructure projects, such as Massey, Omu Creek, Opebi-Mende Link Bridge, Stadia, SCRPS, Lekki-Epe, Lagos Badagry Express, and more.
According to him, a key priority of the state government in the infrastructure projects is that the budget commencement of the 4th Mainland Bridge connecting Ikorodu to the Lagos Island.
The commissioner also promised that the government would also prioritize agriculture through funding, extensive training initiatives, and customized incentives for farmers in the upcoming year while also supporting Micro, Small, and Medium Enterprises (MSMEs) in order to stimulate economic growth and create more jobs.
He said: “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 initiative prompted the state to allocate a total sum of N44.33 billion toward Central Food Security, fostering projects such as the Cattle Feedlot Project; Fish Processing Hub programmes, and Wholesale Produce Hub & Market.
“These endeavours aim to elevate food quality, reduce prices, and optimize the agricultural sector in the long run”, George assured.
