Governor Akinwunmi Ambode of Lagos State has presented a proposal of N1.046 trillion to the state House of Assembly for the 2018 budget. Tagged “Budget of Progress and Development”, it represents a 28.67 per cent increase over the 2017 budget of N812 billion.
Close examination shows the 2018 budget has capital expenditure of N699 billion and recurrent expenditure of N347 billion, while the capital to recurrent ratio of the budget stood at 67:33.
Governor’s statement has it that the budget will be used to fund infrastructure, education, transportation/traffic management, security and health, including capacity building for civil servants, all teachers in public secondary/primary schools, officers in the health service sector and women and youth empowerment.
Ambode said that N720.123 billion would be generated internally; a total of N148.699 billion will be sourced through deficit financing within the state’s medium term expenditure framework.
In view of the fact that a lot has to be achieved in 2018, he said that in 2018, economic affairs would continue to dominate and get the largest allocation of the budget.
Ambode stressed in review that as at November 2017, the 11-month period revenue performed at N448.396 billion at 76 per cent compared to full year’s performances in 2016 of N449.609 billion at 83 per cent and N399.382 billion at 82 per cent for 2015.
He also mentioned that the state average contribution to the National Gross Domestic Product (GDP) from 2015-2017 remains strong at about 30 per cent.
Highlights on allocations revealed that General Public Services got an allocation of N171.623 billion, while Public Order and Safety got N46.612 billion. N473.866 billion was allocated to Economic Affairs while Environmental Protection got N54.582 billion.
Also, N59.904 billion and N92.676 billion were allocated to Housing and Community Amenities and Health respectively. Recreation, Culture and Religion got an allocation of N12.511 billion, while Education and Social Protection got allocations of N126.302billion and N8.042 billion respectively.
Ambode thanked all Lagosians, leaders, statesmen and citizens for their superlative support thus far, most especially states tax payers throughout Year 2017, reiterating the resolve in 2018 to strive and complete all ongoing projects in order to meet their specified completion period and embark on new strategic projects.
He said that the government would consolidate on the Lagos bus reform project with the introduction of high and medium capacity buses, construction and completion of bus depots at Oshodi, Anthony, Yaba and many many more.
Furthermore, Ambode said ICT Focus Incubator Centre would be constructed in Yaba, while the development of Imota and Igbonla Light Industrial Park, an additional small scale industrial estate at Shala, would be provided.
For the unemployed, the State Employment Trust Fund, according to him, will disburse more funds to Lagosians to support business and stimulate the economy, and then from feedback of Lagosians, more emphasis will be placed on the successes already recorded by the Employment Trust Fund to get more of Nigerian unemployed youths into gainful employment.
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