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Business News

Here’s a breakdown of Lagos State 2018 N1.046 trillion budget

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  • Christened the 2018 Budget “Budget of Progress and Development.”
  • Earmarks 67% To Capital Expenditure, 33% For Recurrent.
  • Targets N720bn Intenally Generated Revenue.

Lagos State Governor, Mr. Akinwunmi Ambode has  presented the Year 2018 Budget proposal of N1.046trillion to the House of Assembly.

Outlining the key components of the budget, Governor Ambode said capital expenditure would gulp N699.082billion while N347.039billion would be dedicated to recurrent expenditure, representing a Capital/Recurrent ratio of 67 percent to 33 percent and a 28.67 percent increase over Y2017 budget.

A sectoral breakdown of the proposed budget shows:

  • General Public Services got N171,623bn, representing 16.41 percent.
  • Public Order and Safety, N46.612bn, representing 4.46.
  • Economic Affairs, N473,866bn, 45.30 percent.
  • Environmental Protection, N54,582bn, representing 5.22percent.
  • Housing and Community Amenities got N59,904bn, representing 5.73 percent.
  •  Health sector got N92.676billion, representing 8.86percent;
  • Recreation, Culture and Religion got N12.511billion, representing 1.20 percent;
  • Education got N126.302billion representing 12.07percent.
  • Social Protection got N8.042billion representing 0.77percent.

Ambode 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.
  • The completion of the on-going reconstruction of Oshodi International Airport Road into a 10-lane road.
  • BRT Lane from Oshodi to Abule-Egba.

The State number one citizen said that despite the modest achievements recorded in 2017, there was still much work ahead, assuring that Government would not relent in its efforts to give Lagosians the best by way of continuous and efficient service delivery.

“Lagos has always been a trailblazer and we must consolidate on the economic gains made so far by initiating people-friendly programs and projects that will attract more economic improvement in Y2018.”

“It is our resolve in Y2018 to strive and complete all on-going projects in order to meet their specified completion period and embark on new strategic projects. We intend to improve on our Internally Generated Revenue (IGR) in the face of the dwindling accruable revenue allocation from the Federal Government, sustain our vision on wealth creation and poverty alleviation.” He said.

Governor Ambode said his administration remains committed to sustaining the tempo of continuous construction, rehabilitation, upgrading and maintenance of network of roads across the State including those within the boundary areas of Lagos and Ogun States.

Fikayo has a degree in computer science with economics from Obafemi Awolowo University. ITIL v3 in IT service management. An alumnus of Daystar Leadership Academy. Prior to joining Nairametrics had stinct in Project management, Telecommunications among others. Also training in Consulting and Investment banking from Edubridge Academy. He has very keen interest in Politics, Agri-business, private equity and global economics. He loves travelling and watching football. You can contact him via [email protected]

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