The Governor of Lagos State Akinwunmi Ambode on Monday presented a total budget size of N1.046 trillion to the Lagos state House of Assembly.
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The budget, tagged: “Budget of Progress and Development” is 28.67 per cent higher than that of 2017 which was N812 billion. The 2018 budget has a capital expenditure of N699 billion and a recurrent expenditure of N347billion.
Ambode said that the estimate of total revenue for year 2018 was N897.423 billion of which N720.123billion would be generated internally. According to Ambode, as at Nov. 2017, the 11 month period revenue performed at N448.396 billion at 76 per cent compared to full year’s performances in 2016 of N449.609 billion at 83 per cent and N399.382 billion at 82 per cent for 2015.
“The budget will be used to consolidate on infrastructure, education, transportation/traffic management, security and health with an added emphasis on mandatory capacity building for civil servants, all teachers in public secondary / primary schools, officers in the health service sector and women and youth empowerment,” he said.
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“Suffice it to say that the overall budget performance stood at 74 per cent as at Nov. 2017 and it is projected to close at 80 per cent by the end of the year 2017. The state average contribution to the National Gross Domestic Product (GDP) from 2015-2017 remains strong at about 30 per cent,” he said.
“I want to sincerely thank all Lagosians, our leaders, statesmen and citizens for their superlative support thus far, most especially our tax payers throughout Year 2017. It is our resolve in 2018 to strive and complete all ongoing projects in order to meet their specified completion period and embark on new strategic projects.
“We intend to improve on our IGR in the face of the dwindling accruable revenue allocation from the Federal Government, sustain our vision on wealth creation and poverty alleviation.
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Lagos House of Assembly Speaker, Mudashiru Obasa, promised that the Assembly would scrutinize the budget to make sure that it delivered on its promises in meeting the aspirations of the people.
He said, “As usual, we are duty bound to painstakingly look at the the budget for the purpose of transforming same for the benefits of all Lagosians.
“I assure Lagosians that this House, through effective oversight, will ensure that the Year 2018 budget deliver on its promises to stimulate the economy of the state by focusing on infrastructure development, delivering inclusive growth and prioritising the welfare of Lagosians.”