Lagos State Government generated N433,41 billion out of the estimated revenue in the 2024 budget, a revenue performance of 92 per cent in the first quarter.
At the state’s ongoing 2024 Ministerial Press Briefing to mark the first year of the second term of the Babajide Sanwo-Olu administration, held at Alausa, Ikeja on Thursday, the Commissioner for Economic Planning and Budget, Mr. Ope George reeled out the activities and achievements of the ministry in the last one year.
According to him, “Y2024 first quarter budget performance for total revenue recorded a quarterly performance of 92 per cent (₦433,408 billion), the total expenditure (budget size) recorded a 65 per cent performance (₦368,352 billion) with the recurrent performing at 80 per cent (₦189,624 billion), while the capital recorded 54 per cent (₦178,728 billion)”.
Recalling the 2024 budget breakdown, the financial plan is expected to be funded from a total revenue estimate of ₦1.880 trillion, comprising the Internally Generated Revenue (IGR) (N1.189 trillion) Capital Receipts (N94.605 billion) and federal transfer (N596.629 billion), with expectations from Lagos State Internal Revenue Service to contribute 63 per cent (N750 billon) of the projected IGR, and about 23 per cent (N283.567 billion) expected to be generated by other Ministries , Department and Agencies.
Acknowledging the ministry’s successful hosting of the ninth Lagos State Economic Summit, Ehingbeti, George said that that led to the launch of the Lagos State Development Plan (LSDP), a 30-year (2022-2052) strategic plan and that preparations are in top gear to keep in line with the development plan in placing the state’s status to Africa’s model mega city.
He said the LSDP was developed from agreed perceptions with various strategies, as well as comparing the state with 70 world cities, noting that effective implementation initiatives had also been embarked on by the ministry to keep focus with the plan.
He said: “For effective implementation of the LSDP 2052 initiatives, the ministry has embarked on continuous sensitization and training of MDAs. The LSDP initiatives were also incorporated into the Social Protection Policy Document with a view to effectively implement the THEMES+ additions of Social Inclusion, Gender Equality and Youth Integration/engagement”.
The commissioner noted that several strategies were initiated by the ministry to help the state achieve deliverables and prosper the economy regardless of the economic challenges, reassuring that the State government would not stop making efforts in improving the living values of residents.
The Commissioner for Information and Strategy, Mr. Gbenga Omotosho; Special Advisers to the Governor, Mr. Lekan Balogun (Economic Planning and Budget); Mrs. Titi Oshodi (Climate Change and Circular Economy); Chairman of the House Committee on Budget and Appropriation, Hon. Sa’ad Lukman Olumoh; Permanent Secretary of the ministry, Mr. Ibrahim Obajomo, and other top ranking officials were present at the event.
Pix 1238 L-R: Permanent Secretary, Ministry of Economic Planning and Budget, Mr. Ibrahim Obajomo; Special Adviser to the Governor (Economic Planning and Budget), Mr. Lekan Balogun; Chairman, House Committee on Budget and Appropriation, Hon. Sa’ad Lukman Olumoh ; Commissioner for Economic Planning and Budget, Mr. Ope George; Special Adviser to the Governor (Climate Change & Circular Economy), Mrs. Titi Oshodi and Commissioner for Information and Strategy, Mr. Gbenga Omotosho at the briefing.
