OrderPaperToday – The Governor of Lagos, Akinwunmi Ambode, on Monday presented the state’s 2018 Budget proposal of N1,046,121,181,680 to the House of Assembly.
The budget proposal of N1.046 trillion represents a 28.67% increase over the N813 billion presented for 2017. Also, the state budget for 2018 which is the highest in the history of the state is equivalent to 12% of the N8.6 trillion 2018 national budget presented by President Muhammadu Buhari last month.
A breakdown of the budget shows that N347.039 billion is for recurrent expenditure while N699.082 is for capital expenditure.
Some key highlights of the budget include the completion of five new art theatres; establishment of a heritage centre at the former Federal Presidential State House recently handed over to the State Government; construction of a world class museum between the former Presidential Lodge and the State House, Marina; speedy construction of the proposed four new stadia in Igbogbo, Epe, Badagry and Ajeromi Ifelodun (Ajegunle) and the completion of the on-going Epe and Badagry Marina projects.
The State Governor, Akinwunmi Ambode while speaking on the budget tagged “Budget of Progress and Development”, said it would consolidate on the achievements recorded in the past year.
“Lagos has always been a trailblazer and we must consolidate on the economic gains made so far by initiating people-friendly programmes and projects that will attract more economic improvement in year 2018.
“It is our resolve in year 2018 to strive and complete all on-going projects in order to meet their specified completion period and embark on new strategic projects. We intend to improve on our Internally Generated Revenue (IGR) in the face of the dwindling accruable revenue allocation from the Federal Government, sustain our vision on wealth creation and poverty alleviation.”
In his speech, the Lagos House of Assembly Speaker, Mudashiru Obasa, assured that the Assembly would scrutinize the budget proposal to ensure it meets the yearnings and aspirations of the people.
“As usual, we are duty bound to painstakingly look at the budget for the purpose of transforming same for the benefits of all Lagosians.
“I assure Lagosians that this House, through effective oversight, will ensure that the year 2018 budget deliver on its promises to stimulate the economy of the state by focusing on infrastructure development, delivering inclusive growth and prioritising the welfare of Lagosians,” the Speaker said.