Renowned economist, Ayo Teriba has applauded Lagos State’s N2.23 trillion budget estimate for the year 2024, describing it as record-setting, audacious and impressive because the project proposed for the budget will be funded from Internally Generated Revenue (IGR).
Teriba, who gave the commendation today on Arise News Global Business Report, noted that the N1.2 trillion of the projected N1.8 trillion revenue will be funded from internal sources.
While highlighting that the N2.2 trillion budget estimate is N500 billion higher than the current year’s figure, the renowned economist expressed optimism that the Lagos State Government’s “Budget of Renewal” would positively impact the lives of Lagosians.
In his words: “The leap from N1.7 trillion to N2.2 trillion will make a huge difference in the lives of Lagosian, especially since the government was painstaking in listing their achievements in terms of project delivery across critical sectors such as transportation, health, education and environment among others.”
Looking at the sectoral breakdown, Teriba maintained that it speaks to continuity, indicating that their priority remains the same. He listed the priorities to include infrastructure development, particularly intermodal transport infrastructure, health and education, environment and security.
“Given the track record of 78% performance of the Y2023 Budget up to September, it is very much likely that the administration will achieve more than 90% by December. It is laudable to hear the new spending figure coming from a state that is known to be credible enough to walk its talk”, the famous economist said.
While stressing that the government has made progress in the area of infrastructure development, he noted that the intermodal infrastructure facilities have progressed in the number of trips made and the number of passengers carried.
He said: “There is no part of Lagos where a new road has not been commissioned, and the projects are quite ubiquitous, they are there for everyone to see. The newly commissioned Blue Line Rail and Red Line Rail will be commissioned in the fourth quarter of 2024”.
Speaking further, Teriba maintained that the state’s giant strides in the transport sector are quite visible. While noting that the Y2023 budget was only N1.7 trillion, he stated that the 2024 budget has been proposed to spend N2.2 trillion.
“You should expect to see more. I think that the issue of infrastructural management is a journey, not necessarily a destination”, he said.
