It was gathered by Hobnob News reports that the Lagos State government has said it will invest N550.689bn to develop and maintain its infrastructure in 2024.
The Commissioner of Economic Planning and Budget, Mr Ope George disclosed this during the State 2024 Budget analysis at the Bagauda Kaltho Press Centre in Alausa-Ikeja.
According to him, the amount N550.689bn on Infrastructure represents 24.28 per cent of the entire budget, is part of the ₦1.315trn capital budget for the year.
Highlighting some of the infrastructure target with the Budget, he said there will be 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 said the Budget will also address development of affordable housing schemes, and urban renewal projects in addressing the housing deficit in the State by injecting a total of N55.924bn representing 2.5 per cent of the entire Budget.
“Some of the social housing projects includes 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.
Adding that there will be focus on some “Special Projects such as 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.’
The commissioner said this year budget intends to complete the front-loaded and ongoing infrastructure (e.g. Massey, Omu Creek, Opebi-Mende Link Bridge, Stadia, SCRPS, Lekki-Epe, Lagos Badagry Express etc.) and commence the awaiting 4th Mainland Bridge that will connect Ikorodu to the Island.
Ope George added that ‘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.’
He further added that ‘the State’s 5-year Agric roadmap stands as a testament to this commitment aiming to bolster support for farmers and enhance overall food systems.
“This initiative prompted the State to allocate a total sum of N44.33 billion towards Central Food Security, fostering projects such as the Cattle Feedlot Project, Fish Processing Hub programs, and Wholesale Produce Hub & Market. These endeavors aim to elevate food quality, reduce prices, and optimize the Agricultural sector in the long run.”
HOBNOB NEWS
