By Lukman Olabiyi
Lagos State governor, Mr. Babajide Sanwo-Olu, on Friday, said the state requires at least N7 trillion budget size to meet up with infrastructure and basic amenities in the year 2024 fiscal year.
He made this known 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, on Friday.
He disclosed on the occasion that he would present over N2trillion appropriation bill for 2024 to the Lagos State House of Assembly.
Sanwo-Olu expressed the readiness of his administration to ensure ease of doing business in the state, despite current global business challenges.
The participants at the well- attended programme, included Chairman of Channels Television, John Momoh; Managing Director, Chairman Silverbird Television, Ben Murray-Bruce; representatives of Manufacturers Association of Nigeria (MAN), heads of agencies and parastatals, and heads of foreign missions, among others/
According to Sanwo-Olu, “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 infrastructure 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 a demand of N7trillion. Our revenue is far from it.
“That’s one of the challenges we are having presently. We want to fix roads and do it correctly.
“We need to scale up with modern technology and put in place enduring policies. We didn’t anticipate the current inflationary rate. Our focus is on how to meet the demands of our people amidst the speculative market.
Earlier, Commissioner for Commerce, Cooperative, Trade and Investment, Mrs. Folashade Ambrose-Medebem, explained that undoubtedly, the corporate assembly has 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.