Connect with us

News

2024 BUDGET: LAGOS TO INVEST N550.689 BILLION ON INFRASTRUCTURE

The Lagos State government has said it will invest N550.689 billion to develop and maintain its infrastructure in 2024.

Published

on

…Establishes a Capital to Recurrent ratio of 58:42

The Lagos State government has said it will invest N550.689 billion to develop and maintain its infrastructure in 2024.

Commissioner of Economic Planning and Budget, Ope George disclosed on Wednesday during the State 2024 Budget Analysis at the Bagauda Kaltho Press Centre, in Alausa-Ikeja.

George said the amount N550.689bn on Infrastructure represents 24.28percent of the entire budget is part of the ₦1.315trillion capital budget for the year.

While highlighting some of the infrastructure targeting the Budget, he said there would be the continuation of ongoing transportation projects, such as the expansion of the rail network, road construction, completion of the Blue and Red Lines, and other metro projects within the State.

The Commissioner said the Budget would also address development of affordable housing schemes and urban renewal projects in addressing the housing deficit in the State by injecting a total of N55.924billion representing 2.5percent of the entire Budget. Some of the social housing projects include Completion of 444 units of building Projects at Sangotedo Phase ll; Completion of 420 units of building Projects at Ajara, Badagry; Phase Two Construction of 136 units of building Projects at Ibeshe ll, among others.

He added that there would be focus on some “Special Projects: Continuous progress on major infrastructure projects like the Lekki-Epe International Airport, the Omu Creek, Blue and Red lines etc. It should be noted that most of these projects will be prioritized.”

L-R: Permanent Secretary, Ministry of Economic Planning and Budget, Mr. Ibrahim Obajomo; Commissioners – Mr. Abayomi Oluyomi (Finance); Ms. Abisola Olusanya (Agriculture); Mr. Ope George (Economic Planning and Budget) and the Special Adviser to the Governor on Economic Planning and Budget, Mr. Lekan Balogun during the Lagos State govt 2024 Budget Breakdown at the Bagauda Kaltho Press Centre, the Secretariat, Alausa-Ikeja, on Wednesday, January 31, 2024

Meanwhile, this year budget according to the Commissioner intends to complete the front-loaded and ongoing infrastructure (such as the new Massey Children’s hospital, Omu Creek, Opebi-Mende-Ojota Link Bridge, Stadia, Rehabilitation of Public Schools, Lekki-Epe and Lagos-Badagry Expressways etc.) and commence the awaiting Fourth Mainland Bridge that will connect Ikorodu to the Island.

George said, “The State’s commitment and continuous support to agriculture will include increased funding for projects and programmes, comprehensive training programs, and incentives tailored for farmers. Simultaneously, ongoing aid for Micro, Small, and Medium Enterprises (MSMEs) remains a priority to stimulate economic growth and foster job creation.

“The State’s 5-year Agric roadmap stands as a testament to this commitment aiming to bolster support for farmers and enhance our overall food systems. This initiative prompted the State to allocate a total sum of N44.33 billion towards Central Food Security, fostering projects such as the Cattle Feedlot Project, Fish Processing Hub programs, and Wholesale Produce Hub & Market. These endeavors aim to elevate food quality, reduce prices, and optimize the Agricultural sector in the long run.”

In order to boost Human Capital Development through Education and Healthcare, which is of deep interest to the State due to the administration’s belief that a population that is healthy, skilled, and safe, can only convert the opportunities in the State to value. The State has allocated 13.35percent of the total budget to personnel cost in Y2024, an increase of 33percent compared to Y2023. The N180.693 billion in the Education Sector will allow continuous Investment in educational infrastructure, digital skills initiatives, and vocational education, thus enhancing learning opportunities for every child in the State.

George has said that the total budget size of ₦2.267 trillion will be funded from a total revenue estimate of ₦1.880 trillion, comprises of Internally Generated Revenue (IGR): 1.189 trillion; Capital Receipts 94.605 billion and Federal Transfer 596.629 billion, adding that LIRS is expected to contribute 63% (N750 billon) of the projected TIGR, and about 23% (N283.567bn) is expected to be generated by other MDAs of government.

“We shall achieve this by deepening the revenue and increasing the tax net through the deployment of technology, economic intelligence, data gathering and analysis amongst other initiatives. There are huge revenue generating opportunities in the informal sector, including real estates, transportation, and trade, he said.”

He also noted, “The deficit of ₦387.125bn is projected to be funded by a combination of Internal, External Loans and Bond Issuance.”

News

Lagos Agog As Olusegun Aderiye Marks 70th Birthday Anniversary In Style

Published

on

By

The mega city of Lagos was thrown into celebration mood as an Erudite Scholar and a quintessential broadcast journalist Rev. Dr. Olusegun Aderiye celebrated his 70th PLATINUM jubilee anniversary and book launch in style.

The event which took place on Wednesday February 14th 2024 at Airport Ikeja Lagos stated with a Public Lecture titled, “The Imperative of Peace in a Troubled World” taken by Amb. (Dr) Martins Uhomoibhi (Fmr PS, Ministry of Foreign Affairs, Nigeria) and the formal unveiling of: “Journey to Stardom” An Autobiography of the celebrant.

Rev Dr. Olusegun Solomon Aderiye was born on 14 February in Ekiti State, then Western Region, Nigeria.

He attended Methodist Primary School, Apaara, Oyo, 1958, Ifaki Grammar School, 1968-72, University of Lagos, 1977 and University of Ife (now Obafemi Awolowo University) 1981.

Olusegun was the Chief State House Correspondent, Nigerian Television Authority, 1985-89; Head, Current Affairs Department, African Independent Television, since 1998; Secretary, Nigerian Television Authority Ibadan Chapel.

He was a co-author of ECOMOG, Gabumo Publishing, Lagos in 1992.

Dr. Aderiye Creative Works includes Kilo Ndan Bi Wura, 1978, Awamaridi, 1979, Maje Nse 1981, My Lord is Good, 1983, What only God can do, 2023.

His National Awards are Nigeria Television Authority’s Reporter of the Year, 1983 and Nigeria Union of Journalists, since 1978.

 

The special guest of honour of the event was General Ibrahim Babangida GCFR (Former President of Nigeria) and Chief Bode George (Former Military Governor of Ondo State).

Dignitaries present at the event were Lagos state Governor ably represented by his commissioner of information and strategy Gbenga Omotoso, Speaker, Lagos State House of representative represented by one of the honourable members of the house, Steve Ogundipe.

Others were (Dr) Martin Uhomoibhi. Amb (Dr) Yemi Farounbi, Nigeria’s former Ambassador to the Philippines. The event was indeed an array of who is who in Nigeria.

 

The chairman in his remark describes the celebrant as a fine gentleman and a highly efficient, courageous and diligent media practitioner with a high sense of national patriotism and an unrepentant nationalist in broadcast journalism.

He prayed that God Almighty should continue to shower Dr. Aderiye with divine wisdom, guidance, good health, protection, prosperity and longevity, so he could continue to contribute his quota to national development in the years ahead.

Dr. Aderiye in his speech appreciates his lovely wife who shared the same birthday with him Deaconess Mary Kehinde Oluwakemi and family, friends, colleagues, acquaintances both in the physical and spiritual realms for their love, friendship and kind support all through these years.

He also thanks the VIPs, relations, friends and acquaintances who have come to honour his invitation.

 

 

 

 

 

 

 

 

Continue Reading

News

London Operation: Air Peace, Norse Atlantic Sign ACMI Agreement On Charter

Published

on

By

Norse Atlantic Airways, yesterday, announced that it entered into an agreement with Air Peace for an ACMI (Aircraft, Crew, Maintenance, and Insurance) charter service.

This collaboration, according to the statement made available to LEADERSHIP, marks the beginning of a strategic partnership aimed at providing seamless air travel solutions between London and Lagos, Nigeria.

Commencing in April 2024, the ACMI charter will operate four times a week, offering travellers convenient and reliable transportation options between these key destinations.

Norse Atlantic Airways will be using slots at London Gatwick allocated to Air Peace to facilitate this new route.

“We are thrilled to be working with Air Peace to launch this ACMI charter service between London Gatwick and Lagos. This collaboration represents an exciting opportunity to leverage our expertise in charter operations to deliver a reliable and high-quality service to Air Peace and their customers,” said Bjørn Tore Larsen, CEO and Founder of Norse Atlantic Airways.

“Air Peace is delighted to have signed this partnership deal with Norse Atlantic Airways for the commencement of our London service. As we make a foray into the European market, we are confident that this strategic partnership will further position us to surpass the expectations of our customers, offering them superior air travel experience while we continue to optimise our operations for more innovative service delivery”, stated Allen Onyema, Chairman/CEO, Air Peace.

Norse Atlantic and Air Peace will continue to discuss potential longer-term partnerships between the two airlines to explore avenues for further collaboration and expansion in the future.

 

Continue Reading

News

N30bn To Govs: ‘My Statement Unverified’, Akpabio Recants

“The President of the Senate recognizes and appreciates the current efforts of the governors at ameliorating the adverse effects of the current inclement socio-economic environment and therefore invites more hands on the plow to complement the renewed hope agenda.”

Published

on

By

President of the Senate, Senator Godswill Akpabio, has recanted his claim that state governors received an additional N30 billion from the Federal Government to address the biting economic hardship in the country by the distribution of palliatives to Nigerians.

Recall that Akpabio made the claim on Wednesday, February 22 while the Senate considered the report of its joint Committees on Finance, Agriculture/Food Sufficiency, Banking and Insurance.

The committee had interfaced with the economic management team of the government, led by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, to find out what the government had done to tackle hunger, food inflation, a free-falling naira exchange rate to the US dollar, among others.

In the course of deliberations on the matter by senators, Akpabio had repeatedly stated without mincing word that each state governor received an additional N30bn from the centre to address the challenges, besides the regular allocations the states draw from the Federation Account Allocation Committee (FAAC).

“Each of the 36 states received N30bn; they received N30bn”, he kept saying.

However, 24 hours later, governors began refuting the claim.

Prominent among them was the Governor of Akpabio’s own state, Akwa Ibom, Pastor Umo Eno, who not only said such an amount was not received by the state but also added that it was possible the Senate President was speaking with prophetic expectations.

Governor Seyi Makinde of Oyo State also said much, dismissing Akpabio’s claim.

On Monday night, Akpabio’s office finally summoned the courage to recant his statement, saying that he acted on unverified information.

His Special Adviser on Media and Publicity, Hon. Eseme Eyiboh, in a statement on Monday night, appealed for calm, saying that Akpabio held the governors in high esteem.

Eyiboh’s full statement is reproduced below: “The office of the President of the Senate has been drawn to various misconceptions in the public domain on the statement credited to the President of the Senate in plenary of Wednesday, February 21, 2024, during the presentation of a report of the joint Committees on Finance, Agriculture/Food Sufficiency, Banking and Insurance. During the session the President of the Senate commented on the payment of an unverified cumulative sum of about N30b to the sub-national governments by the Federal Government for various interventions to ameliorate the food situation of our citizens at the sub-national governments.

“The unfortunate conjectures to take away the kernel in the material facts of FAAC payment are rather regretted. In considering the well-intended motive of urging state governments to collaborate with the Federal government of President Bola Tinubu to facilitate strategic interventions to mitigate the prevailing economic situation in the country remains the underpinning motivation in the comment.

“The President of the Senate is not oblivious to the fact that State governments are functional partners in all the efforts of the current administration of President Bola Tinubu and are also valuable Stakeholders’ in the various legislative engagements of the legislature in creating the nexus between the legislature and the people.

“The President of the Senate has always demonstrated commitment to team building and shall not do less in the circumstance. He therefore urges the sub-national governments not to be distracted by any misunderstanding of the context and true meaning of the statement.

“The President of the Senate recognizes and appreciates the current efforts of the governors at ameliorating the adverse effects of the current inclement socio-economic environment and therefore invites more hands on the plow to complement the renewed hope agenda.”

Continue Reading

Trending

%d bloggers like this: