24th July, 2024
By Mary Joseph
In a significant boost to entrepreneurship and economic growth, the Lagos State Government has disbursed N278 million to Small and Medium-sized Enterprises (SMEs) in the first half of 2024.
According to official figures, the funding brings the total number of beneficiaries to 400, comprising 155 SMEs, 218 micro-enterprise loans, and 27 micro-enterprise start-ups.
Commissioner for Economic Planning and Budget, Ope George, disclosed this during the 2024 Budget Consultative Forum, Ikeja Division on Wednesday.
He stated that N100,000 allowance was given to People Living With Disabilities (PLWD) to set up businesses, noting that this development came in response to complaints from stakeholders during the 2023 consultative forum.
“The forum is aimed at informing stakeholders about the government’s plans ahead. We are here to hear from the people and ensure that as a government, we are responsible for taking back the information they give us and feeding it into our 2025 budget,” George said.
He highlighted that, as part of the 2022-2024 budget, the government’s development agenda is focused on improving standards of living and driving growth and development in the state.
“The state has launched several initiatives and projects to improve standards of living, build infrastructure, ensure food security, enhance ease of doing business, and improve energy supply.
“We will ensure the state has a robust, healthy, and growing economy with adequate jobs and strategic investment to sustain growth,” he added.
George also mentioned that the completion of the ongoing construction of Yesufu Abiodun Road to Eti-Osa and Oniru Road is in progress.
“We are constantly upgrading our road infrastructure. We also have various road constructions going on across the state.”
He boasted that Lagos State is a financially independent and economically thriving region, generating over 76% of its revenue internally, contributing 18% to Nigeria’s GDP.
“The state generates over 76% of its revenues independent of federal allocation, while contributing over 18% to the country’s GDP. It generates the highest internal revenues of all states in Nigeria and is currently ranked the 5th wealthiest city in Africa.”
George further urged citizens to fulfill their civil responsibilities by paying their taxes when due, highlighting that the performance of the budget is strongly dependent on revenue generated in the state.
Additionally, he encouraged citizens to share their thoughts on the budget performance and suggest future focus areas for the next cycle.
“Our doors are always open; you can always come in at any point in time to check on progress,” the commissioner added.
The commissioner said the Babajide Sanwo-Olu’s administration is committed to a participatory and all-inclusive governance process, saying “in the same vein of achieving an inclusive government, this administration’s agenda is now THEMES+ with specifics on Gender Equality, Social Inclusion, and Youth Engagement.
“To achieve this agenda, the LASG IGR must be strengthened by minimizing waste and blocking bottlenecks. We make a passionate appeal to all the citizens of Lagos to fulfill their civic responsibilities by paying their taxes when due, as the optimal performance of the Budget is strongly dependent on revenue generated in the State.”
George acknowledged the challenges caused by the fuel subsidy removal, stressing that this administration would continue to ensure the citizens have a good quality of life as demonstrated by various interventions in Agriculture to boost food security, the transportation sector (discount in bus fares, the introduction of CNG buses), and the health sector (free medical services for children, the elderly and pregnant women).
