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LASG Expenditure Hits N675bn, Targets 100% Budget Performance

LASG Expenditure Hits N675bn, Targets 100% Budget Performance

Gilbert Ekugbe

The Commissioner for Economic Planning and Budget, Lagos State, Sam Egube, has stated that the Lagos State government’s expenditure has hit N675 billion out of a total budget expectation of about N880 billion in the first half of 2022.

According to him, the expenditure represents 77 per cent performance with plans to hit 100 per cent by the end of 2022.

Egube at the Y2023 budget consultative forum for Badagry division, said so far, the State’s Internal Generated Revenue (IGR) currently stands at N346 billion compared to N451 billion it recorded last year, pointing out that the IGR represents a 77 per cent performance.

In his words: “We have always exceeded an 80 per cent budget performance in this administration. We really want to do a 100 per cent. It is our aspiration that we will move this performance as we move into the second quarter to hit over 80 per cent. Over the last three years, our State has achieved very strong budget performance in the neighborhood of 80 per cent and that is something we will continue to drive irrespective of the challenges we face as a nation.”

He said the business environment has been extremely challenging, adding that the foreign exchange challenge in the country and inflation are largely driven by Covid 19.

“We are an import dependent country and when the exchange rate increases, so also do prices increase, but in terms of performance this year, I will say our State achieved 80 per cent of revenue of N502 billion. This was quite phenomenal especially when you consider the challenges that we face as a country,” he said.

He however stated that the Lagos State government is investing in Small and Medium Enterprises (SMEs) through the Lagos State Employment Trust Fund (LSETF), saying that the State has increased the budgetary allocation to about 100 per cent to support over 152 businesses and persons.

He added that State is continually providing employment in the agricultural sector working with Food and Agriculture Organisation (FAO) to create over 5000 jobs.

He announced that there are plans to complete the rice mill this year, stressing that when completed, the mill would create over 4000 jobs directly and indirectly.

He noted that the 30 year development plan to be launched in October would accelerate development of the Badagry flank of the five divisions in the State to create new cities around this flank.

“That plan has already started as the Federal Executive Council (FEC) recently approved the Badagry deep sea port which is very major. One of the major thing that has driven Lagos development is the port in Lagos,” he said.

He added that the port would be supported with investment in the blue and red line to shorten the journey time from Badagry to Marina to 30 minutes.

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