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Tuesday, June 18, 2024

Lagos Govt. records over ₦433bn revenue during Y2024 Q1

By Monsurudeen Olowoopejo

The Lagos State Government has disclosed that over ₦433,408 billion was recorded during first quarter of the 2024 fiscal year, amid current economic challenges across the country.

It said that the achievements was due to policies introduced by the Babajide Sanwo-Olu administration to expand the tax net, including more eligible tax payers in the informal sectors in the state.

The total budget size for Year 2024 was ₦2.267 trillion which was approved and signed into law by the Governor on 15th January 2024.

The Commissioner for Economic Planning and Budget, Ope George, disclosed this on Thursday while reeling out achievements of the incumbent governor since assumption of office within last one year.

George added that the total Recurrent Expenditure performed at 80 percent which represents ₦189,624bn while the total capital expenditure recorded a budget performance of 54 percent representing ₦178,728bn.

“Also under the period under review, the total expenditure (budget size) recorded a performance of 65 percent (₦368,352).

According to him, “The Y2024 Budget aligns with the THEMES + agenda and is crafted to solidify the developmental accomplishments of this administration with primary focus on the conclusion 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”.

Meanwhile, the commissioner disclosed that the state has paid its counterpart funding on Sexual and Reproductive Health programs initiated with the United Nations Population Funds (UNFPA).

He added: “The fund was paid for the benefit of Lagosians. The work programme is complete and implementation is due to commence by Q2 2024”.

George noted that the government participation was to ensure that the residents enjoy better health services in the state.

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