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Lagos disburses N278 million to 400 SMEs in first quarter of 2024
L-R: Oba of Odi-Olowo, Oba Sikirulllai Olajide Apena Williams; Commissioner for Economic Planning and Budget, Mr. Ope George; Onitire of Itire, Oba Tajudeen Ishola Odubiyi and the Special Adviser to Governor Sanwo-Olu on Budget, Mr. Lekan Balogun during the Ikeja Division of the Lagos Y2025 Budget Consultative forum, held at Radio Lagos Auditorium, LTV complex, Agidingbi, on Wednesday, 24-07-2024.
Published By: Kazeem Ugbodaga
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 quarter 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.
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“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.
