OrderPaperToday – The Governor of Lagos, Akinwunmi Ambode, has signed the State’s Budget of N1.046 trillion into law.
The components of the budget include N347 billion to be funded from the consolidated revenue fund as well as N699 billion for both capital and recurrent expenditure from the development fund for the year 2018.
Ambode, while presenting “the budget of progress and development,” had assured his audience that he would complete ongoing projects in addition to the new ones.
The funds from the budget will also be used to consolidate the achievements recorded in infrastructure, education, transportation/traffic management, security and health sectors.
The governor’s spokesman, Habib Aruna, also noted that two bills on the transport sector and the Lagos State Teaching Service Commission were signed into law.
According to the Commissioner for Economic Planning and Budget, Olusegun Banjo, capital expenditure in the budget is earmarked at N699.082 billion, while N347.039 billion is allocated to recurrent expenditures.
Some of the projects captured in the 2018 budget include the Agege Pen Cinema flyover, alternative routes through Oke-Ira in Eti-Osa to Epe-Lekki Expressway and the 8km regional road to serve as alternative route to connect Victoria Garden City (VGC) with Freedom Road in Lekki Phase I.
Additionally, the budget caters for the 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.