Governor Abiodun’s 2024 Budget: Goals & Investments

Last week, Governor Prince Dapo Abiodun submitted his budget proposal for the year 2024, amounting to N703.03 billion, to the House of Assembly. The “Budget of Sustained Growth and Development” allocates N287.37 billion and N415.66 billion, respectively.

The public debt charges will amount to N59.09 billion, staff costs will be N95.05 billion, and consolidated revenue will be N27.35 billion. The allocation for education is 16% (N109.219 billion), health receives 12% (N81.185 billion), administrative costs amount to N105.88 billion, and the capital budget is N415.66 billion.

The sectors of agriculture, industry, infrastructure, housing, and community development receive N14.218, 209.122, and 28.886 billion, respectively, which accounts for 4% of the total budget. The sectors of culture, recreation, social protection, public service, and executive organs would each receive a budget allocation of either N22.872 billion, N28.692 billion, or N31.125 billion.

Abiodun’s proposed 2024 budget includes the Light Up Ogun Project, which aims to buy and install transformers all over the state. This initiative aims to rejuvenate the electricity supply within a span of 24 months in collaboration with the private sector.

The Ogun Sports Festival is scheduled to take place in 2024. The following roads are included in the 250-km stretch: Lagos-Ota-Abeokuta Motorway, Ofada-Owode Road, Lagos Garage-Ikangba-Ilese Road, Ota-Lafenwa-Itele-Ayobo Road, Ita Oshin-Ibara orile, Ijoga orile, Ibooro-Imasayi Road, and OPIC Estate Internal Roads in Agbara.

The Lagos-Ogun JGMT calls for the expansion of the Lagos Blue Line Metro Rail Project to Agbara. They also call for the completion of the Lagos Red Line Metro Rail Project to Ijoko and Ifo/Kajola by 2024 and the development of infrastructure in areas of economic growth.

Considering the substantial changes occurring in various areas of Ogun State, it is not unexpected that Budget 2024 aims to enhance the state’s position as a prominent hub of construction and Nigeria’s premier investment location.

The Abiodun administration has prioritised the establishment of train, road, and aviation connections to link the capital, neighbouring states, and the global community over a period of four and a half years.

The Agrocargo International Airport is a specialised facility that aims to alleviate post-harvest losses in Nigeria’s agriculture industry, which the Nigerian Export Promotion Council (NEPC) has estimated to be N3.5 trillion. The airport’s primary objectives are to facilitate the transportation of agricultural produce, stimulate job creation, generate revenue, and enhance food security.

Swift fresh produce delivery to local and international markets greatly benefits agricultural entrepreneurs. The airport is expected to generate approximately 25,000 employment opportunities in the fields of agriculture, transportation, logistics, hospitality, and tourism.

Minimise post-harvest losses, establish connections between regional and worldwide agricultural producers, enhance Ogun State’s foreign exchange gains, and attract substantial investments.

The airport will be strategically located along the Iperu-Ilishan road in Ikenne LGA. The commencement of airport city activities is imminent and expected to occur within a matter of weeks.