Lagos State Commissioner for Economic Planning and Budget, Mr. Ope George says in spite of currency fluctuations in the country, the Lagos economy remains robust and still contributes about 20 per cent of the entire country’s Gross Domestic Product (GDP).
George disclosed this while presenting the scorecard of the Ministry of Economic Planning and Budget, today at the Y2024 Ministerial Press Briefing held at the Bagauda Kaltho Press Centre, Alausa, Ikeja.
The press briefing was held to commemorate the first year in office of the second term of Governor Babajide Olusola Sanwo-Olu.
He maintained that the volatility and instability of dollar to naira exchange rates have little or no effect on the implementation of impactful projects in line with the budgetary provisions for the various capital projects in different parts of the State.
Speaking on the budget size of the 2024 budget which is over N2 trillion, the Commissioner confirmed that the budget is still inadequate to meet the yearnings of residents of the state, especially the infrastructural needs of Lagosians.
He assured that the State Government remains committed to addressing residents’ needs.
According to him, the last consultative forum held by the Ministry of Economic Planning and Budget for government Ministries, Departments and Agencies, revealed that the financial needs of government agencies are more than N4 trillion, signalling a potential for increased budgetary allocation in the future.
The Commissioner said : “What this implies is that Lagos can have a budget size of N4 trillion, but going by the available indices at the moment, such projection can not be made until there are available means and revenue sources that can conveniently fund such budget size.”
George puts the budget performance of the State in 2023 at 87 per cent, saying that the prudent strategies deployed by the Ministries made it possible for the State Government to deliver most of its capital projects despite the variation in the Naira-Dollar exchange rate and other financial instability in the economy.
On the 2024 total Budget size of ₦2.267trillion, George said the budget is focusing on the completion of ongoing projects such as the Blue and Red Line Rail System, Stadia, Lekki-Epe Road, New Massey Children Hospital, Opebi-Mende Link Bridge, etc.
“It is also geared towards ensuring that every endeavour, investment, partnership, and policy translates effectively into tangible positive outcomes in the lives of Lagos residents and its environs,” he added.
George , also revealed that out of the N700 million projected revenue from Land Use Charge (LUC) for the year 2024, the State Government has realised a sum of N300 million within the first four months of the year.
According to him, the statistics show that the LUC projection in the 2024 annual budget is achievable and indicates a promising trajectory for surpassing annual revenue projections.
Earlier in his remarks at the event, the Commissioner for Information and Strategy, Mr. Gbenga Omotoso underscored the Ministry’s pivotal role in government operations, emphasising the importance of adequate funding for project execution.
He said : “Economic matters are very critical to governance generally, the Ministry of Economic Development and Budget is doing a lot in terms of planning, statistics, resilience issues, data collation and lots more with little or media attention.
“This Ministry ensures efficient and effective mobilisation, planning, allocation and utilisation of resources for socio-economic transformation of Lagos State through equitable distribution of resources across all critical areas of governance.”
Speaking on payment of taxes, the Permanent Secretary of the Ministry, Mr. Ibrahim Obajomo highlighted successes in tax compliance.
He said that there is a noticeable increase in the payment of taxes from members of the informal sector, including small and medium-scale enterprises.
He said : ” The Ministry is using dialogue and engagements to encourage the residents to pay their taxes regularly and promptly.
“The visible developmental project across different sectors in the State also shows that taxpayers monies are being utilised for developmental purposes.
The press briefing was also attended by the Chairman of the Lagos State House of Assembly Committee on Budget and Appropriation, Hon. Sa’ad Olumo; the Special Adviser to the Governor on Economic Planning and Budget, Mr. Lekan Balogun; Special Adviser on Climate Change and Circular Economy, Mrs. Titi Oshodi and the Chief Resilience Officer, Lagos State Resilience Office, Dr. Folayinka Dania, among other top government functionaries. (vitalnewsngr.com)