Lagos targets N897bn revenue as Ambode signs 2018 budget
by JOSHUA BASSEY
February 26, 2018 | 3:40 pm| | | Start Conversation
Lagos State is projecting to earn a total of N897 billion to partly finance its 2018 budget of N1,046 trillion, the largest in the state’s 50 year’s history. The balance of the funding of the budget will come from debt financing (borrowing).
The governor, Akinwunmi Ambode, on Monday assented to the 2018 appropriation bill, giving legal backing to commencement of its implementation, two months into the year.
The appropriation tagged “budget of progress and development,” comprises N699.082 billion capital, and N347.039 billion recurrent expenditures; a ratio of 63 and 37 percents respectively, an indication the state prioritises infrastructure development over recurrent expenses.
Akinyemi Ashade, the commissioner for finance, who spoke with journalists after Ambode signed the bill into law, said: “Today (Monday) is a good day in our state. For the first time the law has about N1.046 trillion as total amount to be spent in 2018.
“In terms of revenue, we are expecting N897 billion both from the state and federal receipts, so the rest would be funded through budget deficit financing. We are focusing this year on completing all projects that we have started. The governor is focused on delivering the dividends of democracy; we are not slowing down, we want to really ensure that we touch every aspect of Lagos that needs to be touched in terms of infrastructural renewal, welfare and other things that the governor promised.”
Olusegun Banjo, the commissioner for economic planning and budget, on his part, listed key projects captured in the 2018 budget to include the Agege Pen Cinema flyover; alternative routes through Oke-Ira in Eti-Osa to Epe-Lekki Expressway; the 8km Regional Road to serve as alternative route to connect Victoria Garden City (VGC) with Freedom Road in Lekki Phase I; completion of the on-going reconstruction of Oshodi International Airport Road and the BRT lane from Oshodi to Abule-Egba.
The sectoral breakdown of the budget is as follows: general public services, N171,623 billion; public order and safety, N46.612 billion; economic affairs, N473,866 billion; environmental protection, N54,582 billion; housing and community amenities,N59,904 billion.
Others include health, N92.676 billion; recreation, culture and religion, N12.511 billion; education, N126.302 billion; social protection, N8.042 billion.
Under the budget, there are provisions for completion of the five new art theatres proposed by the government; establishment of an heritage centre at the former Presidential House, Marina which was handed over to Lagos State government, in 2017. Others projects are a world class museum, construction of four new stadia in Igbogbo, Epe, Badagry and Ajeromi Ifelodun (Ajegunle) and completion of the on-going Epe and Badagry Marina projects.
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