Budget NG

UPDATED: Lagos unveils N1.04trn budget for 2018

by JOSHUA BASSEY

December 12, 2017 | 12:00 am
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Lagos State governor, Akinwunmi Ambode, on Monday presented a 2018 appropriation bill of N1, 04 6,121,181,680 to the State House of Assembly for consideration and subsequent approval.
The 2018 proposal represents an increase of 28.67 percent over that of 2017 which was N813 billion.
It is made up of N347.039 billion in recurrent expenditure (representing 33 percent) and N699.082 billion capital expenditure, (representing 67 percent) of the total budget size.
The estimated total revenue for year, as proposed by the state government, is N897.423 billion of which N720.123 billion 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.
Presenting the proposal tagged “Budget of Progress and Development,” Ambode said it marked another basic point of reference in the progressing radical transformations and changes that the residents have been witnessing in the state since the inception of the administration in 2015.
“Our investment in new technology and the reforms put in place will galvanize the efficiency of our revenue collection from our citizens,” Ambode said.
According to the governor, the proposed 2018 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, teachers in public secondary/primary schools, officers in the health service sector and women & youth empowerment alongside Medium and Small/Micro Size Entrepreneurs (MSMSE’s).
A further breakdown of the state’s budget shows that general public services will gulp N171.6 billion (16.41 percent); N46.6 billion is allocated to public order and safety (4.46 percent); economic affairs, N473.8 billion (45.30 percent); environment takes N54.5 billion (5.22 percent); housing and community amenities, N59.9 billion (5.73 percent); health N92.6 billion (8.8 percent); recreation, culture and religion N12.5 billion (1.20 percent); Education, N126.3 billion (12.07 percent) while the sum of N8.04 billion is allocated to social protection, representing 0.77 percent of the total budget proposal.
Lagos is the largest subnational economy and generates some 20 percent of the total economic output of Nigeria and up to 65 percent of non-oil GDP.
The business and financial capital is also the largest state by population with some 22 million people resident in the city.

 

JOSHUA BASSEY

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by JOSHUA BASSEY

December 12, 2017 | 12:00 am
  |     |     |   Start Conversation

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