Keeps mum on likely PAYE contribution to IGR
Lagos State Government, yesterday, said that only 24.28 per cent (N550.68 billion) of the state’s N2.267 trillion 2024 budget would be for the development and maintenance of its infrastructure.
The state’s Commissioner for Economic Planning and Budget, Ope George, who disclosed this during the state’s 2024 budget analysis at the Bagauda Kaltho Press Centre in Alausa, Ikeja, said the N550.689 billion on infrastructure represents 24.28 per cent of the entire budget but is part of the N1.315 trillion capital budget for the year.
He said there would be continuation of ongoing transportation projects, such as the expansion of the rail network, road construction, and completion of the Blue/Red Line and other metro projects within the state.
George said the budget would also address development of affordable housing schemes and urban renewal projects in addressing the housing deficit in the state by injecting N55.924 billion, representing 2.5 per cent of the entire budget.
According to the commissioner, this year’s budget intends to complete the front-loaded and ongoing infrastructure of Massey, Omu Creek, Opebi-Mende Link Bridge, Stadia, SCRPS, Lekki-Epe, Lagos Badagry Expressway and so on) and commence the awaiting Fourth Mainland Bridge that will connect Ikorodu to the Island.
He added that the state’s commitment and continuous support to agriculture would include increased funding for projects and programmes, comprehensive training programmes, and incentives tailored for farmers.
The commissioner, however, failed to provide details on the actual Internally-General Revenue for 2023 and what would be the contribution of Pay As You Earn (PAYE) tax to the target 2024 IGR.
