As part of efforts to further cushion the effects of fuel subsidy removal on the citizenry, the Lagos State Government has set aside the sum of N50 billion for social protection.
Commissioner for Economy, Budget and Planning, Mr. Ope George revealed this today during an interview on TVC’s ‘Business Nigeria’.
While speaking on the State’s 2024 Budget proposal, christened: “Budget of Renewal”, the Commissioner stated that the sum of N50 billion was proposed for social protection to ensure that the citizens are protected from surging inflationary trends.
According to him, the Budget also has provisions for human capital development and infrastructure renewal, which he noted is vital for an all-round prosperity.
The “Budget of Renewal”, George noted, is aimed at executing new projects, completing existing ones and also ensuring that the pace of development in the State is sustained.
In his words, “The Budget is also heavily focused on social protection and ensuring that we can continuously be able to cushion the effect of the removal of fuel subsidy on our people.”
“The Budget was put together via a consultative forum across the State’s five divisions, which sought out the needs of the people and infused the same into the budget as appropriate”, he added.
Speaking further, George stated that the 2024 Budget proposed that 45% recurrent expenditure at N1.021,954 trillion and 55% capital expenditure at N1.224.280 trillion will be used for the development of the Blue Line Rail which has been showing steady progress by moving up from its initial 12 trips to 52 trips.
On debt repayment, he stated that the State is responsible for its obligation and will continue to be.
He said: “Lagos State has a good credit rating that is well within its fiscal parameters. The government is fiscally responsible and at the same time quite resourceful. Recently, we incorporated the Lagos International Financial Centre (LIFC) with the intent of making Lagos a global financial hub”, he noted.
Urging the citizens to hold the government accountable, the Commissioner advised them to give Governor Babajide Sanwo-Olu’s administration more time to actualise its plans for the State.