Governor Akinwunmi Ambode of Lagos State has signed the 2018 Appropriation Bill of N1.046 trillion into law.
Briefing newsmen shortly after the signing, Commissioner for Finance, Mr Akinyemi Ashade, said that Appropriation Bill, tagged ‘Budget of Development and Progress,’ would focus on completion of all ongoing projects.
Ashade put the projection for the internally generated revenue (IGR) at N897 billion, while the remaining part of the budget would be funded by deficit financing.
“Today is a good day in our state, the governor just signed the 2018 Appropriation Law.
“In terms of capital and recurrent expenditure, we have 63 per cent Capital and 37 per cent Recurrent and that shows that we are really big on infrastructural renewal.
“In terms of revenue, we are expecting a total of N897 billion both from the state and federal receipts, so the rest will be funded through budget deficit financing,” Ashade said.
Outlining the key components of the budget, Commissioner for Economic Planning and Budget, Mr Olusegun Banjo, said capital expenditure would gulp N699.082 billion, while N347.039 billion is for recurrent expenditure.
According to Banjo, this represents a Capital/Recurrent ratio of 67 per cent to 33 per cent and a 28.67 per cent increase over year 2017 budget.
He also listed key projects captured 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.
Banjo listed other projects to include completion of the ongoing reconstruction of Oshodi International Airport Road into a 10-lane road and the BRT Lane from Oshodi to Abule-Egba.
According to the breakdown, General Public Services will receive N171,623 billion, representing 16.41 per cent; Public Order and Safety, N46.612 billion, representing 4.46 and Economic Affairs, N473,866 billion, representing 45.30 per cent.
Environmental Protection, N54,582 billion, representing 5.22 per cent, while Housing and Community Amenities got N59,904 billion, representing 5.73 per cent.
Health sector got N92.676 billion, representing 8.86 per cent; Recreation; Culture and Religion got N12.511 billion, representing 1.20 per cent; Education received N126.302 billion representing 12.07 per cent; and Social Protection was earmarked N8.042 billion representing 0.77 per cent.
Provisions were made for completion of the five new Art Theatres and establishment of a Heritage Centre at the former Federal Presidential State House recently handed over to the state government.
There are also provisions for 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.
On Housing, there are provisions for completion of ongoing projects especially those at Gbagada, Igbogbo, Iponri, Igando, Omole Phase I, Sangotedo and Ajara-Badagry under the Rent-to-Own policy, among others.
The governor also signed two critical bills into law — the Consolidated Transport Sector Bill and the Lagos State Teaching Service Commission Bill.
The Transport Sector Law 2018 provides for the development and management of a sustainable transport system in the state, as well as development, management and maintenance of transport infrastructure and facilities within the state.
The law also regulates the provision of an efficient transport delivery system and ensures availability of a safe and affordable transport delivery system and ensures availability of a safe and affordable transportation system.
It is hoped that with this law, an efficient integrated transport management system will evolve in the state.
The Teaching Service Commission Law 2018 provides for the control and management of teaching service matters in the state, and for connected purposes.
The law regulates and coordinates the management of teaching service matters and provides uniform guidelines for the effective management of Post-Primary Schools in the state.