…hints at N2trn 2023 budget
To fix infrastructural challenges in Lagos, Nigeria’s biggest economy state, over N7 trillion naira would be required in 2024 alone, Babajide Sanwo-Olu, the state governor has said.
Sanwo-Olu disclosed this when he met with members of the organised private sector, on Friday, tagged: “‘BOS’ meets with business community.” BOS stands for Babajide Olusola Sanwo-Olu.
The governor at the meeting also hinted at a possible N2trillion 2024 budget, a larger percent of which would go into funding infrastructure development in the state whose population is estimated at over 20 million people.
He assured the captains of industry of his administration’s resolve to continue providing the atmosphere to ease doing business notwithstanding the globally challenging business environment.
“The demands from the report gathered from ministries, departments and agencies (MDAs), show that if we have the resources, at least N7 trillion would be needed for the year 2024 budget to meet the state’s infrastructure challenges and other basic amenities.
“Though we are proposing over N2 trillion budget size for the year 2024 to be presented to the state House of Assembly soon and we are having a demand of N7 trillion. Our revenue is far from it.
“That’s one of the challenges we are having presently. We want to fix roads and do it correctly.”
He added that Lagos needs to scale up with modern technology and put in place enduring policies to meet the demands of the people in an inflationary economy.
“We can’t give excuses; we need to work together. We are running against time. I have a political timeline I am working with. We can’t afford to fail. We will need to work together and identify the way forward. We should be able to solve some of our challenges through your ideas and submissions,” he told the business community.
Earlier, Folashade Ambrose-Medebem, the commissioner for commerce, cooperative, trade and investment, noted that the meeting was to interact with the captains of industry and seek their support to bolster the state’s economy.
“As a responsive and responsible government, we recognise that ensuring ease of doing business is key to the state’s economic growth and development.
“This is why the administration, through the implementation of various reforms, prioritised the provision of a friendly environment that would support existing businesses while attracting more foreign direct investment (FDI) into the state.”