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Lagos sets huge N151bn revenue target for Physical Planning
Governor Babajide Olusola Sanwo-Olu of Lagos
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Kazeem Ugbodaga
The Lagos State Ministry of Physical Planning and Urban Development is expected to generate N151,136,522,354.68 into government’s coffer this year.
This is as Lagos puts machineries in motion to fund its N2.267 trillion 2024 approved budget.
Physical Planning and Urban Development ministry is one of the agencies the state government is looking up to rake in revenues for its humongous budget.
Players in the built sector are expected to pay through their nose for government to meet its budget target.
In 2023, the same ministry was given N134.729 billion to generate, but it managed to rake in N58.968 billion between January and September 2023. The remaining three months were not captured in the 2024 budget or the budget figures for the fourth quarter of 2023 was missing in the 2024 budget.
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A breakdown of how the N151 billion will be generated by the ministry shows that the Ministry of Physical Planning and Urban Development will generate N1.996 billion, while, the Lagos State Physical Planning Permit Authority (LASPPPA) is expected to rake in N52.5 billion.
This is N3.5 billion higher than its target in 2023. LASPPPA raked in N21.664 billion in the first nine months of 2023 out of the N48 billion target it was given last year.
Another agency, Lagos State Building Control Agency (LASBCA) is expected to rake in N11.6 billion which is higher than the N9.99 billion it was given in 2023.
The Material Testing Laboratory Services, another agency under the Physical Planning Ministry has a target of N2.163 billion up from the N1.6 billion it was allocated to generate last year, in which it raked in N165.475 million in the first nine months.
The other agency, the Lagos State Planning and Environmental Monitoring Authority (LASPEMA) has a target of N1 billion.
