Akinwunmi Ambode, the governor of Lagos State on Monday, February 26, 2018, signed the 2018 Appropriation Bill of the state to law with a total budget size of N1,046,121,181,680.00.
The total size of the 2018 budget comprises of N347,038, 938,872.00 which is to be funded from consolidated revenue fund, and N699,082,242,808.00 from the development fund for both capital and recurrent expenditure for the year ending December 31, 2017.
Ambode also signed two critical bills into law. They are the Consolidated Transport Sector Bill and the Lagos State Teaching Service Commission Bill.
The Transport Sector Law 2018 provides for the development and management of a sustainable transport system in the State, as well as development, management and maintenance of transport infrastructure and facilities within the state.
The law also regulates the provision of an efficient transport delivery system and ensures availability of a safe and affordable transportation system. It is hoped that with this law, an efficient integrated transport management system will evolve in the State.
On the other hand, the teaching service commission Law 2018 provides for the control and management of teaching service matters in the state, and for connected purposes.
The law regulates and co-ordinates the management of teaching service matters and provides uniform guidelines for the effective management of Post-Primary Schools in the State.
Ambode, while presenting the 2018 Appropriation Bill to the State House of Assembly, had pledged that his administration would make every effort to complete all ongoing projects as well as initiate new ones to consolidate on the development recorded in the last two and half years.
He said the budget, christened “Budget of Progress and Development”, would be used to consolidate on the achievements recorded in infrastructure, education, transportation/traffic management, security and health sectors, among others.
Olusegun Banjo, the commissioner for economic planning and budget, said capital expenditure would gulp N699.082 billion, while N347.039 billion would be dedicated to recurrent expenditure, representing a Capital/Recurrent ratio of 67 percent to 33 percent and a 28.67 percent increase over 2017 budget.
He also 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 into a 10-lane road and the BRT Lane from Oshodi to Abule-Egba.
According to sectoral breakdown of the budget, General Public Services is earmarked to gulp N171,623 billion, representing 16.41 percent; Public Order and Safety, N46.612 billion, representing 4.46; Economic Affairs, N473,866 billion, representing 45.30 per cent; Environmental Protection, N54,582 billion, representing 5.22 percent, while Housing and Community Amenities got N59,904 billion, representing 5.73 per cent.
Health sector got N92.676 billion, representing 8.86 percent; Recreation, Culture, and Religion got N12.511 billion, representing 1.20 percent; Education got N126.302 billion representing 12.07 percent, while Social Protection got N8.042 billion representing 0.77 percent.
Under the budget, there are provisions for completion of the five new Art Theatres; establishment of a Heritage Centre at the former Federal Presidential State House recently handed over to the State Government; a world class museum between the former Presidential Lodge and the State House, Marina; construction of four new stadia in Igbogbo, Epe, Badagry and Ajeromi Ifelodun, Ajegunle, and completion of the on-going Epe and Badagry Marina projects.
On Housing, there are provisions for completion of on-going projects especially those at Gbagada, Igbogbo, Iponri, Igando, Omole Phase I, Sangotedo and Ajara-Badagry under the Rent-to-Own policy, among others.
Also speaking, Akinyemi Ashade, the commissioner for finance, put the projection for revenue, IGR, at N897 billion, while the remaining part of the budget would be funded by deficit financing.
”Today is a good day in our State, the Governor just signed the 2018 Appropriation Law. For the first time the Law has about N1.046 trillion as total amount that we would spend in 2018.
“The Budget is tagged “Budget of Progress and Development” and in terms of capital and recurrent expenditure, we have 63 percent Capital and 37 percent Recurrent and that shows that we are really big on infrastructural renewal.
Read more at PremiumTimes