Governor Babajide Sanwo-Olu of Lagos State outlined the state’s ambitious financial needs, aiming for a staggering ₦7 trillion budget to address infrastructural gaps and essential amenities in the forthcoming fiscal year 2024.
During the eighth Lagos Corporate Assembly, themed “BOS Meets with Business Community,” held at Lagos House, Ikeja, Governor Sanwo-Olu underscored the pressing need for substantial financial resources to tackle infrastructural challenges.
“Our preliminary assessment from various government sectors suggests a requirement of at least N7 trillion to cater to our infrastructural needs and essential services in 2024. Despite proposing a budget size exceeding N2 trillion, our revenue falls significantly short,” Governor Sanwo-Olu articulated.
Highlighting the gravity of the situation, he emphasised the importance of deploying modern technology, crafting enduring policies, and addressing prevailing challenges like inflation and speculative markets to meet citizen demands.
“We cannot afford to falter as it holds grave consequences for our nation. Collaborations with the Federal Government are essential, particularly amid President Bola Tinubu’s efforts to stimulate Nigeria’s economy through international investor engagements under the Renewed Hope Agenda,” Sanwo-Olu added.
The governor stressed the urgency of a united effort between the government and the business community to navigate challenges, advocating for policies that facilitate the growth of Micro, Small, and Medium Enterprises (MSMEs) for sustained economic development.
Commissioner for Commerce, Cooperative, Trade, and Investment, Mrs. Folashade Ambrose-Medebem, highlighted the Corporate Assembly’s pivotal role in fostering dialogue between the government and the business sector.
She lauded the administration’s commitment to improving the business landscape, citing significant reforms that have streamlined processes, notably reducing the time for Planning Permit issuance to a mere 10 days in the built sector.
Additionally, she underscored the strides made in transportation, including the inauguration of the Lagos Blue Light Rail’s first phase, easing commuting challenges and enhancing productivity across business districts.
Amid global economic challenges, the Lagos State government aims to sustain its support for the industrial and commercial sectors, fostering an environment conducive to business growth and promoting inclusive economic development.
