Today, I present the Budget of Renewal, our budget for the 2024 calendar year where we will allocate N2.246 trillion, focusing on capital expenditure to propel the state's progress in vital sectors like transportation, healthcare, education, and infrastructure.
In these challenging times, our focus remains clear - ensuring the people's welfare amidst economic shifts and necessary decisions by the Federal Government while also building for the future.
With a 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.
This budget is very important to us and I will start by talking about some of the strides we have made that this budget will help us accelerate.
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.
Some achievements in the last year include the Lekki Deep Sea Port, Imota Rice Mill, and Phase One of the Blue Line Rail, and completion of the GAC Motors Assembly Plant.
In partnership with notable players, we 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.
In environment and waste management, Lagos has started to wear a new face and at COP28, we showcased commitment to climate action, drawing substantial investor interest in waste-to-energy projects and sewage treatment that we have created for our state.
In education, we've 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.
In healthcare, we have significantly improved health access with new primary and secondary healthcare centres. We are 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 transportation, we are 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.
With this new budget, our 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.
Infrastructure development, environmental sustainability, entertainment, gender equality, and youth-focused projects stand at the heart of this budget, aimed at creating a vibrant, inclusive, and sustainable Lagos.
I want to end by thanking Mr. President, His Excellency Bola Ahmed Tinubu, for the support and collaboration in advancing Lagos.
I am grateful to the APC, to Rt. Honourable Speaker, Mudashiru Obasa, and all Honourable Members of this esteemed House for your consistent support, assistance, patience, and cooperation.
To the good people of Lagos State, I am eternally grateful for the opportunity and privilege to serve once again.
God bless Lagos State.
God bless the Federal Republic of Nigeria.
#BudgetOfRenewal.
More photos below.
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