Lagos budgets N1.04trn for 2018
Lagos State governor, Akinwunmi Ambode, this afternoon presented N1,046,121,181,680, for year 2018 appropriation bill to State House of Assembly for consideration and subsequent approval.
The budget proposal represents an increase of 28.67 percent over the N813 billion presented in 2017.
It comprises of N347.039 billion recurrent expenditure (representing 33 percent) and and N699.082 capital expenditure component (representing 67 percent of the total).
Presenting the 2018 appropriation bill tagged, “Budget of Progress and Development,” Ambode said the proposal marked another basic point of reference in the progressing radical transformations and change that residents have been witnessing in the state since the inception of this administration in 2015.
He said the estimated total revenue for year 2018 is N897.423 billion of which N720.123billion will be generated internally. Also, a total of N148.699 billion will be sourced through deficit financing within the state’s medium term expenditure framework.
“Our investment in new technology and the reforms put in place will galvanize the efficiency of our revenue collection from our citizens,” Ambode said.
More details later.
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