Lagos State Governor, Mr. Babajide Sanwo-Olu, has revealed that the state requires a budget of at least N7 trillion for infrastructure and basic amenities in the upcoming fiscal year of 2024. Despite acknowledging the substantial demand, the governor announced plans to present a budget exceeding N2 trillion to the State House of Assembly soon.
Speaking at the 8th Lagos Corporate Assembly, themed ‘BOS Meets with Business Community,’ Governor Sanwo-Olu expressed the challenges in meeting the state’s infrastructure needs amidst current global business uncertainties. He emphasized the necessity of fixing roads and implementing enduring policies, citing a demand of N7 trillion identified from reports gathered from government agencies.
Governor Sanwo-Olu solicited collaboration with the business community and the federal government to bridge the funding gap. He stressed the urgency of the situation, highlighting that his government is running against time and cannot afford to fail.
Addressing the gathering, Commissioner for Commerce, Cooperative, Trade and Investment, Mrs. Folashade Ambrose-Medebem, highlighted the importance of the Corporate Assembly as a platform for public-private sector engagement. She underscored the administration’s commitment to ensuring ease of doing business and attracting foreign direct investments, acknowledging the significance of friendly policies for Micro, Small, and Medium Enterprises (MSMEs) to sustain the state’s economy.
