The Lagos State Government has set aside the sum of N50 billion for social protection in the 2024 budget.
This is in furtherance of the government’s efforts to cushion the effects of fuel subsidy removal on the citizenry.
Commissioner for Economy, Budget and Planning, Mr. Ope George, revealed this in Lagos during an interview on TVC’s ‘Business Nigeria’.
Speaking on the state’s 2024 budget proposal christened “Budget of Renewal”, the Commissioner stated that the sum of N50 billion was proposed for social protection to ensure that the citizens are protected from surging inflationary trend.
He said the budget also has provisions for human capital development and infrastructure renewal, which, he noted, are vital for all-round prosperity.
The “Budget of Renewal”, George noted, is aimed at executing new projects, completing existing ones and also ensuring that the pace of development in the state is sustained.
“The budget is also heavily focused on social protection and ensuring that we can continuously be able to cushion the effect of the removal of fuel subsidy on our people,” George said.
“The budget was put together via a consultative forum across the state’s 5 divisions, which sought out the needs of the people and infused the same into the budget as appropriate,” he said.
The Commissioner further said 55 per cent (N1.224.280 trillion) of the proposed budget is for capital expenditure while 45 per cent (N1.021,954 trillion) is for recurrent expenditure, adding that the development of the Blue Line Rail, which has been showing steady progress by moving up from its initial 12 trips to 52 trips, would receive priority attention.
On debt repayment, he noted that the state has been responsible toward its obligation and would continue to be.
“Lagos State has a good credit rating that is well within its fiscal parameters. The government is fiscally responsible and at the same time quite resourceful,” George said.
“Recently, we incorporated the Lagos International Financial Centre (LIFC) with the intent of making Lagos a global financial hub,” he noted.
While urging the citizens to hold the government accountable, the Commissioner advised them to also give the government time to actualize its plans for the state.
