Legal Nigeria

Sanwo-Olu set to present historic N2 trillion state budget for 2024

Lagos State Governor, Babajide Sanwo-Olu on Friday disclosed that he is set to present a historic state budget of over N2 trillion to the state House of Assembly for the 2024 fiscal year.

No State in Nigeria has ever achieved such a feat. It is the first time it is happening.

He disclosed this at the 8th Lagos Corporate Assembly, a business forum, tagged; “Babajide Olusola Sanwo-Olu, BOS Meets with Business Community,” held at Lagos House, Alausa, Ikeja.

The last budget the governor signed into law was N1.76trn in January 2o23.

But Sanwo-Olu said the next budget would get to over N2 trillion. He said his administration would require N7 trillion budget size in 2024 to meet up with infrastructure deficit and other, but that right now the state is not yet there.

According to the governor, despite the global business uncertainty, his administration could not give excuses but must work to achieve its set out goals as promise made to the people during campaign period.

In his words: “The demands from the report gathered from Ministries, Departments and Agencies, MDAs, shows that if we have the resources, at least N7 trillion will be needed for the year 2024 budget to meet the state’s infrastructural 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 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 rightly.”

The governor said there was the need to scale up with modern technology and put in place enduring policies, stressing that government did not anticipate the current inflationary rate, as its focus is on how to meet the demands of the people amidst speculative market.

“We are, where we are today and if we don’t get it right here it will have dire consequences on our country. We can have handshake with Federal Government. Mr. President, in recent times have embarked on trips abroad to canvass for investors to open up Nigeria’s economy as part of the Renewed Hope Agenda.

“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 added.

Speaking, the Commissioner for Commerce, Cooperative, Trade and Investment, Mrs. Folashade Ambrose-Medebem, said the corporate assembly had been a very important public–private sectors engagement platform, through which the state government and the business community interact and discuss issues that are crucial to the State’s industrial and commercial growth.

Ambrose-Medebem said whatever prominence Lagos State is laying claims to today would not have been possible without the contributions of the Organised Private Sector in the State.

“This is why the administration will continue to deepen collaboration with OPS stakeholders, not only to sustain the existing level of growth but also to accelerate the momentum of the State’s development,” she said.

The commissioner reassured the Captains of Industries and Entrepreneurs that more than ever before, Lagos State, in the face of pervasive global economic challenges, is poised to support both the industrial and commercial sectors to maximise their potentials towards making greater contribution to the State’s Gross Domestic Product (GDP).

“Again, in our bid to promote and sustain the growth of business enterprise, the Ministry of Commerce, Cooperatives, Trade and Investment will regularly interface with other Ministries, Departments and Agencies (MDAs) in the State, other States of the Federation and with the Federal Government, including relevant local and international support institutions and economic development partners.

“We shall also continue to collaborate with indigenous and foreign bilateral and multilateral Chambers of Commerce and industry, towards reinforcing their confidence and believe in the fact that Lagos State is ready and open for business,” she stated.

Ambrose-Medebem implored the participants to make use of the golden opportunity presented by this Assembly to rub minds with the governor on issues, prospects and challenges of doing business in Lagos, while suggesting the way forward so that necessary mechanism for intervention and redress can be activated.

“At the end of the day, we would all have contributed towards achieving our collective goal of accelerating business prosperity in Lagos State,” she said.

The participants at the well attended programme, includes: Captains of Industries such as: Chairman of Channels Television, John Momoh, Managing Director Lakki Concession Company, Chairman Silverbird Television, Ben Murray-Bruce, representatives of Manufacturer Association of Nigeria, MAN, Heads of agencies and parastatals, heads of foreign missions, members of the the state executive council, bankers, business leaders, business membership organisations, Micro, Small and Medium Entrepreneurs, MSMEs and all other important stakeholders, among others.