Ambode signs N1.046trn budget into law

Akinwunmi Ambode, governor of Lagos state, on Monday signed the 2018 appropriation bill of the state into law with a total budget size of N1.046 trillion.

This is the first time that Lagos state will have a budget of N1 trillion.

The total budget size comprises of N347 billion to be funded from the consolidated revenue fund and N699 billion from the development fund for both capital and recurrent expenditure for the year ending December 31, 2018.

According to a statement by Habib Aruna, the governor’s spokesman, he also signed two critical bills into law.

They are the consolidated transport sector bill and the Lagos State teaching service commission bill.

While presenting the 2018 appropriation bill to the state house of assembly, Ambode had pledged that his administration would make effort to complete all ongoing projects as well as initiate new ones.

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.

Olusegun Banjo, 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 67:33 percent and a 28.67 percent increase over the 2017 budget.

According to Banjo, some of the projects captured in the 2018 budget are: 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 N171.6 billion, representing 16.41 percent; Public Order and Safety, N46.6 billion, representing 4.46 percent; Economic Affairs, N473.8 billion, representing 45.30 percent; Environmental Protection, N54.5 billion, representing 5.22 percent, while Housing and Community Amenities got N59.9 billion, representing 5.73 percent.

Health sector got N92.6 billion, representing 8.86 percent; Recreation, Culture and Religion got N12.5 billion, representing 1.20 percent; Education got N126.3 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.