Lagos LCDA Chair Presents N3.8bn Budget for 2024
The Chairman of Onigbongbo Local Council Development Area in Lagos State, Mr Oladotun Olakanle, on Wednesday, presented a budget estimate of N3.8 billion for the 2024 fiscal year to the council legislators.
The budget is tagged “Budget of Advancement”.
Speaking at the occasion, Olakanle said that the budget was formulated through extensive consultations and the consideration of opinions from stakeholders both within and outside the government.
He said that the purpose was to address the yearnings and aspirations of people as well align with the council’s vision and the THEMES agenda of the state government.
He urged the legislative house to expedite action in perusing, deliberating, and approving the budget in accordance with statutory requirements.
“We are optimistic about obtaining approval for the budget before the year concludes.
“I have full confidence in the capability of this distinguished council to make this aspiration a reality,” Olakanle said
The council boss said that the current 2023 budget performed admirably well, “with most of our revenue and expenditure projections realised”.
According to him, the approved loan of N500 million for the purchase of official vehicles and the construction of Wing B of the council secretariat remains untouched due to an increase in revenue from the federation account.
Highlighting the LCDA’s 2024 expected income, Olakanle put the Federal Statutory Allocation at N1.3 billion and Value Added Tax (VAT) at N2.1 billion.
According to him, other FAAC related allocations including state allocation, Internally Generated Revenue is N150 million
He said that the state-coordinated revenue was N150 million adding that the total expected revenue for 2024 is 3.7 billion.
Giving details of the proposed expenditure, the chairman said that the personnel cost of local government staff would gulp N412 million personnel cost for local government education authority teachers would be N485 million.
He said that the overhead cost was put at N1.56 billion.
Breaking down sectoral allocations, Olakanle said that the General Public sector would gulp a total of N2.24 billion making it the highest, followed by education with N664 million and health, N256 million.
He said that the environment would gulp N199 million; social protection, N90 million; public order and safety, N27 million; and Economic, N179 million.
“As evident from the table above, our internally generated revenue projection remains unchanged due to our attainment of only 70 per cent of 2023 projection.
“We have all concurred on the imperative to restructure our revenue architecture. Our commitment is not solely to meet the target but to surpass it.
“I appeal to rate payers to support us in this renewed effort by remitting payments only to designated accounts indicated on the received bills.
“Our primary objective in infrastructural development is to complete the ongoing council secretariat project and the proposed legislative building,” he said
Olakanle added that his administration would continue to prioritising the maintenance of the network of roads within the LCDA.
He commended Rep. James Faleke, representing Ikeja Federal Constituency at the Federal House of Representatives for facilitating the rehabilitation of several roads in the constituency.
Olakanle said: “A significant portion of our budget will be allocated to education and health.
“We plan to support some of the most vulnerable members of our communities to enroll in “ilera eko” while continuing our regular intervention programs across the wards.
“We are committed to providing and upgrading equipment in our health facilities,” he said.
Responding, Mr Kayode Opayemi, the House Leader, who commended the chairman for prioritising education in the 2024 budget, said allocating the largest budget to education was noteworthy considering its importance to the growth of the country.
Opayemi said that the parliamentarians would embarked on a retreat soon, whereby, the proposed budget would be properly scrutinised.
He said that the legislative arm would study the budget diligently and invite all departmental heads and units to defend their proposed budget.
“In 2024, we will want to concentrate more on performances, we want to see the performance,
“If not 100 per cent, it must be more than average. We expect 78 to 80 per cent performance.
“We don’t have any other option as people that have been chosen to serve the people and as a member of the ruling party, both grassroots, state and national. Naira Devaluation Deepens Economic Crisis in Nigeria
“We don’t have a choice, we just have to show our people that we have the ability to perform even from the grassroots,” Opayemi said.
According to him, as the government that is closest to the people, the legislative arm will ensure that the executive arm performs beyond reasonable thought.
