The Lagos State Governor, Mr. Akinwumi Ambode has signed the 2018 appropriation bill into law with a projected internally generated revenue of ₦897 billion while the remaining part of the budget would be funded by deficit financing.
The total budget size of ₦347, 038, 938, 872 to be funded from the Consolidated Revenue Fund, and ₦699, 082, 242,808.00 from the Development Fund for both capital and recurrent expenditure for the year ending 31st December 2018.
Highlights of the budget
- Capital Expenditure will gulp ₦699 billion
- Recurrent Expenditure will take ₦347 billion
This represents a Capital/Recurrent ratio of 67 percent to 33 percent and a 28.67 percent increase over Y2017 budget
The capital expenditure would be devoted to the
- Construction and completion of Agege Pen Cinema flyover.
- Complete the on-going Oshodi-Airport road. Re-develop Eti-Osa-Lekki-Epe expressway.
- Construct eight-kilometre regional road to connect Victoria Garden City (VGC) and Freedom Road in Lekki Phase I among others.
- General Public Services got ₦171,623bn, representing 16.41 percent.
- Public Order and Safety, ₦46.612bn, representing 4.46percent.
- Economic Affairs, ₦473,866bn, 45.30 percent.
- Environmental Protection, ₦54,582bn, representing 5.22percent.
- Housing and Community Amenities got ₦59,904bn, representing 5.73 percent.
- Health sector got ₦92.676billion, representing 8.86percent;
- Recreation, Culture and Religion got ₦12.511billion, representing 1.20 percent;
- Education got ₦126.302billion representing 12.07percent.
- Social Protection got ₦8.042billion representing 0.77percent
- 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.
The Lagos State Government has also started the distribution of the 2018 Land Use Charge demand notices for properties across the state to enable it to boost its Internally Generated Revenues (IGRs) to boost infrastructure development.
The Governor promised that the budget would be used to consolidate on the achievements recorded in infrastructure, education, transportation/traffic management, security and health sectors, among others.
It would be recalled that Lagos Stae Governor presented a budget of ₦1.046 trillion to the state house of Assembly in December 2017. The budget christened budget of “Budget of Progress and Development.”