The Lagos State Government has announced that it earned N300 million in revenue from the Land Use Charge in the initial four months of 2024. This amount is a significant contribution towards the projected N700 million from this charge for the entire year, as outlined in the 2024 Lagos State budget.
Mr. Ope George, the Lagos State Commissioner for Economic Planning and Budget, disclosed this information during the Y2024 Ministerial Press Briefing. He emphasized that the revenue generated so far indicates a promising trajectory for surpassing the annual revenue projections outlined in the budget.
Despite the substantial revenue generated, George highlighted that the budget size, exceeding N2 trillion, is insufficient to meet the infrastructure needs of Lagos residents. He mentioned ongoing projects such as the Blue and Red Line Rail System, Stadia, Lekki-Epe Road, New Massey Children’s Hospital, and Opebi-Mende Link Bridge, among others, as focal points of the budget for 2024. Additionally, the Commissioner noted that a recent consultative forum revealed that the financial needs of government agencies exceed N4 trillion, hinting at potential future increases in budgetary allocations.
Source: Punch