Mr Sanwo-Olu said the budget is important to the state as it will help to accelerate some strides in the state.
By Ademu Usman Idakwo
Lagos State Governor, Babajide Sanwo-Olu, has presented a N2.246 trillion budget to the State House of Assembly.
Mr Sanwo-Olu said the 2024 budget titled ‘Budget of Renewal’ focused on capital expenditure to propel the state’s progress in sectors like transportation, healthcare, education, and infrastructure.
Governor Sanwo-Olu who stated this at the presentation of the budget before the State House of Assembly said in this challenging time, the focus must be on people’s welfare projects that will help cushion the economic downturn.
He said, “With total revenue of N1.847 trillion, including IGR of N1.251 trillion and Federal Transfers of N596.629 billion, this budget focuses on a recurrent expenditure of N1.021 trillion and N1.224 trillion for capital investment, fostering growth aligned with our #THEMES+ agenda.”
The governor stated that the budget is very important to the state because it will help to accelerate some strides in the state.
“We are at various stages of securing the PPPs and financing for audacious infrastructure initiatives like The Lekki-Epe International Airport, our Food and Logistics Hub, the second phase of the Lagos Metro Blue Line, and the 4th Mainland Bridge,” he added.
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The governor revealed some achievements in the outgoing year including the Lekki Deep Sea Port, Imota Rice Mill, Phase One of the Blue Line Rail, and completion of the GAC Motors Assembly Plant.
In partnership with notable players, he said his administration broke ground on the $100 million Lagos Film City in Ejirin, Epe. Over 3,000 young people have now been trained through our partnerships.
“We also commissioned the J Randle Centre, the first of many initiatives aimed at the preservation of the heritage of the Yoruba, through the celebration of history and culture,” he said.
On the environment and waste management, Mr Sanwo-Olu said the state government has started to wear a new face, which he claimed showcased at COP28.
“At COP28 we showcased our commitment to climate action, drawing substantial investor interest in waste-to-energy projects and sewage treatment that we have created for our state,” he revealed.
On education, the governor states that the state government was able
equipped educators with tools for the future – Eko Excel, offering tablets for teachers, e-learning devices for over 500,000 students, and making LASU residential with an almost completed hostel of 8,272-bed spaces.
Health care was not left out as the governor disclosed that significantly improved health access with new primary and secondary healthcare centers was made as well as building West Africa’s largest children’s hospital and delivering a new 280-bed unit at Ojo General Hospital.
“Over half a billion Naira has been disbursed to 40 startups through LASRIC. Through the Lagos State Employment Trust Fund (LSETF), we have supported more than 12,000 Micro, Small, and Medium Enterprises (MSMEs) to access over N8.4 billion in loans.”
In the transportation sector, Sanwo-Olu said his government was fully on board with the Federal Government’s CNG-powered buses initiative, which will deliver sizable numbers of these buses to each state for public transportation.
He assured that with the new budget, his commitment to transportation upgrades is evident with the expansion of rail networks, increased ferry services, road constructions, and the commissioning of new bridges, ensuring smoother commuting experiences.
He lauded the House of Assembly for their support, patience, and assistance, promising that infrastructure development, environmental sustainability, entertainment, gender equality, and youth-focused projects shall stand out in the next year’s appropriation.
Furthermore, he appreciated President Bola Ahmed Tinubu for his support and collaboration to advance the state.
