The Lagos State Ministry of Physical Planning and Urban Development is projected to contribute N151,136,522,354.68 to the government’s revenue this year.
This effort aligns with Lagos’ strategy to finance its N2.267 trillion approved budget for 2024.
The ministry, along with other agencies, plays a crucial role in generating revenue for the state’s substantial budget. Stakeholders in the construction sector are expected to face increased financial demands to help meet these revenue targets.
In 2023, the ministry was tasked with generating N134.729 billion but managed to collect N58.968 billion between January and September. The revenue figures for the last quarter of 2023 were not included in the 2024 budget, leaving a gap in the financial report.
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Breakdown of Revenue Generation:
- Ministry of Physical Planning and Urban Development: Target of N1.996 billion.
- Lagos State Physical Planning Permit Authority (LASPPPA): Expected to generate N52.5 billion, an increase of N3.5 billion from the 2023 target. LASPPPA collected N21.664 billion in the first nine months of 2023, against a target of N48 billion.
- Lagos State Building Control Agency (LASBCA): Target set at N11.6 billion, higher than the N9.99 billion target in 2023.
- Material Testing Laboratory Services: Target increased to N2.163 billion from N1.6 billion in 2023. The agency collected N165.475 million in the first nine months of 2023.
- Lagos State Planning and Environmental Monitoring Authority (LASPEMA): Target of N1 billion.
These revenue targets are part of Lagos State’s broader effort to boost economic growth and ensure sustainable urban development. The Ministry of Physical Planning and Urban Development, along with its agencies, will be instrumental in achieving these ambitious financial goals.