Lagos State Governor, Mr Akinwunmi Ambode has signed
the 2018 Appropriation Bill of the State into law with a total budget
size of N1,046,121,181,680.00, reports ITRealms.
Performing the signing on Monday, Ambode said the total
budget size comprises of N347, 038, 938, 872.00 to be funded from the
Consolidated Revenue Fund, and N699, 082, 242,808.00 from the Development Fund
for both capital and recurrent expenditure for the year ending 31st
December, 2018.
According to the Chief Press Secretary to the governor,
Habib Aruna, in a press statement made available to ITRealms, disclosed that
Gov. Ambode signed two critical bills into law, namely 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.
Governor Ambode, while presenting the 2018Appropriation
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 as “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.
Outlining the key components of the budget, Commissioner for
Economic Planning and Budget, Mr. Olusegun Banjo said capital expenditure would
gulp N699.082billion, while N347.039billion would be dedicated to
recurrent expenditure, representing a Capital/Recurrent ratio of 67 per cent to
33 per cent and a 28.67 per cent increase over Y2017 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 N171,623bn,
representing 16.41 per cent; Public Order and Safety, N46.612bn,
representing 4.46; Economic Affairs, N473,866bn,
representing 45.30 per cent; Environmental Protection, N54,582bn,
representing 5.22 per cent, while Housing and Community Amenities got
N59,904bn, representing 5.73 per cent.
Health sector got N92.676billion, representing 8.86 per
cent; Recreation, Culture and Religion got N12.511billion, representing 1.20
per cent; Education got N126.302billion representing 12.07 per cent,
while Social Protection got N8.042billion representing 0.77 per cent.
Under the budget, there are provisions for completion of the
five new Art Theatres; establishment of an 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, Commissioner for Finance, Mr. Akinyemi Ashade
put the projection for revenue (IGR) at N897billion, 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
N1.046trillion 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 per cent Capital
and 37 per cent Recurrent and that shows that we are really big on infrastructural
renewal.
“In terms of revenue, we are expecting a total of
N897billion both from the State and Federal receipts, so the rest would be
funded through budget deficit financing. We are focusing this year on
completing all projects that we have started knowing fully well that people
would say that this is an election year, but the Governor is focused on
delivering the dividends of democracy; we are not slowing down, we want to
really ensure that we touch every aspect of Lagos that needs to be touched
in terms of infrastructural renewal, welfare and other things that the Governor
promised,” Ashade said.
Ayo Midele/GEE
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