Experts Laud Lagos’ N1.692trn 2023 ‘Budget Of Continuity’

Experts have applauded the Lagos State government over its proposed N1.692 trillion 2023 ‘Budget of Continuity’ to make life easier for Lagosians as well as businesses in the state.

The experts, who spoke to LEADERSHIP yesterday, noted that, the budget exemplifies the path in which Lagos State is taking, going forward, as infrastructure, environment, health and education took the larger chunk of the budget.

With the implementation of its 30-year Lagos State Development Plan(LSDP) expected to fully kicked off next year, experts said, the budget will be crucial in the delivery of some parts of this plan next year, especially, as the Lagos rail project, which is a huge transport infrastructure, is expected to commence in 2023.

Speaking on this development, a public affairs analyst, Dr. Marcel Mbamalu, who stated that the budget is central to the growth and development of Lagos, said: “of utmost importance to the people is social amenities, such as motorable roads, stable power supply, security of lives and properties, quality education and health, among others and I want to believe these are given priority in the budget.”

With several ongoing capital projects across the state, he believes the value of the budget should not be a challenge for a state that generates the highest Internally Generated Revenue (IGR)   among the 36 states of the federation.

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Though, he said, he is yet to check the breakdown of the budget, he said, typical of every budget, is to make life comfortable for Lagosians and ensure the business operating environment is conducive for businesses to thrive and that people’s lives are adequately secured in the process.

Similarly, Fiscal Policy Partner and Africa Tax Leader at PwC, Taiwo Oyedele, who focused on the infrastructure segment of the budget and how the rail system expected to commence next year will redefine the transportation system in the state, said: “it is hard to find any mega city in the world like Lagos without a rail network. Therefore, this is a development which is several decades late but as the popular saying goes, it is better late than never. The Lagos Rail project is capable of significantly transforming the transportation system in Lagos if it is operated to global standards and integrated efficiently with the existing modes of transportation especially to cover the last miles.”

Stressing that transportation is critical for economic activities hence an efficiently run rail system will help stimulate growth and development, this singular project, he said, should lead to reduction in road traffic, better standard of living and quality of life, employment generation especially across the corridor and higher revenue to government both from the rail operation and the associated commercial activities, next year and beyond.