Governor Akinwunmi Ambode of Lagos State on Monday signed the 2018 Appropriation Bill into law with the total budget size amounting to N1,046,121,181,680.00.
A breakdown of the budget, christened as ‘Budget of Progress and Development’, shows 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.
Alongside the budget, Governor Ambode also signed two critical bills into law, namely: 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, the governor 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.
The 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.
Key projects to be embarked upon 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.
Furthermore, the budget captures the 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.
There are also provisions housing projects which include the completion of on-going works at Gbagada, Igbogbo, Iponri, Igando, Omole Phase I, Sangotedo and Ajara-Badagry under the Rent-to-Own policy, among others.
The 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.
“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.