Gov. Akinwunmi Ambode of Lagos State on Monday signed the state 2017 Budget into law, with a promise to ensure fiscal discipline in its implementation. Ambode, while assenting to the budget at the Lagos House, Ikeja, said that the state government would continue to build an all-inclusive economy throughout the year.
The governor presented a budget proposal of N812.998 billion to the state House of Assembly on Nov. 29, 2016 for approval. The House passed the budget bill into law on Jan.3. The budget has a total capital expenditure of N507,816 billion and a recurrent expenditure of N305.182 billion. The 2017 Budget recorded an increase of N150.41 billion over the 2016 Budget of N662.588 billion.
The total revenue was estimated at N642.848 billion with a deficit financing of N170.151 billion. Ambode said that the 2017 Budget tagged Golden Jubilee Budget was to consolidate achievements recorded in the last 18 months of his administration. We are optimistic of the recovery of our national economy this year.
We are encouraged by the budget performance of last year (2016) which stood at 78 per cent, Ambode said. He commended the House of Assembly for speedy passage of the budget bill. Ambode urged the state residents to cooperate with government by paying their taxes for successful implement of the budget.
Giving a breakdown of the budget, the state Commissioner for Finance, Economic Planning and Budget, Mr Akinyemi Ashade, said that size of the budget remained N812.998 billion with total revenue estimated at N642.842 billion with deficit financing of N170.151 billion. Ashade said that the state expected an increase in federal allocation through the 13 per cent derivation principle.
He said that the budget would largely be driven by internally generated revenues made up of taxes, rates and levies. According to him, the budget will promote massive investments in security, physical and social infrastructure development, education, transport, health, and housing, among others.
Ashade said that the government would do its possible best to ensure full implementation of the budget. The state government will spend N141.692 billion on providing roads and N92.445 billion on education. The sums of N51.447 billion and N49.077 billion were allocated to health and transportation respectively.
A total of N39.722 billion will be spent on security, law and order, while N50.344 billion is to be spent on housing. A sum of N56.569 billion will to be spent on environment while N20.082 billion and 1.500 billion were allocated to water provision, commerce and industry respectively.