LAGOS GOVERNMENT TO INVEST N550.68 BILLION ON ITS INFRASTRUCTURE IN 2024
Written by Oyebamiji Idowu on February 1, 2024
The Lagos State government is gearing up for a major infrastructure push in 2024, allocating a whopping 550.68 billion naira to develop and maintain critical projects across the state. This ambitious plan, announced by Commissioner of Economic Planning and Budget Ope George, represents 24.28% of the entire budget and reflects a strong commitment to improving the lives of Lagos residents.
Transportation takes center stage: The budget prioritizes ongoing transportation projects, including expanding the rail network, constructing new roads, and completing the highly anticipated Blue and Red Line metro projects. These initiatives aim to ease traffic congestion, improve connectivity, and boost economic activity.
Addressing the housing gap: Recognizing the housing deficit in the state, the budget allocates 55.924 billion naira (2.5% of the total budget) to develop affordable housing schemes and urban renewal projects. This includes the completion of ongoing projects like the 444-unit building project at Sangotedo Phase II and the construction of new units in Ajara, Badagry, and Ibeshe.
Special projects in focus: The budget also earmarks funds for “Special Projects,” including continued progress on the Lekki-Epe International Airport and the Omu Creek initiative. These large-scale developments have the potential to significantly transform the state’s landscape and economy.
Overall, this significant investment in infrastructure signals the Lagos State government’s commitment to building a more prosperous and livable future for its residents. By improving transportation, providing affordable housing, and undertaking strategic special projects, the government aims to address key challenges and unlock the state’s full potential.
Source: Jordan105.5fm News Bulletin.