Governor Akinwunmi Ambode of Lagos State has presented a 2017 budget proposal of N812. 99Billion to the state House of Assembly for approval.
Ambode, who tagged the budget as “Golden Jubilee Budget, said that it would promote massive investment in security, transport, road construction physical and social infrastructural development.
The governor said that the recurrent expenditure stood at N300 billion while the capital expenditures stood at N512.46 billion.
“The People’s Budget of 2016 has positively impacted the lives of Lagosians. I am confident that the Year 2017 budget will consolidate on our modest achievements and propel our state to enviable heights.
“The Year 2017 budget will be at an auspicious time when our state will be celebrating its Golden Jubilee Anniversary. The proposed budget is with the size of N812, 998 billion.
This will continue the massive renewal of our infrastructures and enhancement of Lagos as one of the foremost tourism and investments destination in Africa.
“While we focus on physical infrastructures, we shall continue to pay due attention to social infrastructures, especially health, education, youths and social development in 2017,” the governor said.
According to him, total revenue stood at N350 billion which is 77.5 per cent of the budge while capital expenditure stood at N200 billion which is the 62 per cent of the budget.
He said that the recurrent expenditure performed at N180 billion which is 82 per cent of the budget, adding that the state has maintained the conservative approach in estimating federal allocation due to fallen oil prices.
The governor, however, said that the state expected an increase in federal allocation through the 13 per cent derivation from oil and gas in 2017 budget, adding that the income would be paid start from December.
He said the state would enhance revenue growth on several initiatives including automation and efficient revenue administration.
Ambode also added that the state would ensure more collaboration with local and international investors, especially in the areas of road network expansions, transports, housing and environments.
He further stated that the sectoral allocation of the budget would be distill further by the Ministry of Finance after the presentation of the budget.
He said that state government would continue to render its performance to the residents through the Town Hall Meetings.
“It is my strong belief that by the end of this Year, there would have been more improvements in the performance induces due to our strong investments in infrastructures,” he said.
He commended the House for its strides in growing and developing the economy of the state.
Meanwhile, the Speaker, Lagos State House of Assembly, Mr Mudashiru Obasa, commended the governor for his determination to develop the state despite dwindling revenue.
Obasa, who commended the governor on road infrastructure, transportation, Light Up Lagos project and other development, said the House would continue to support the executives to bring more development to Lagosians.
“Almost all projections in the 2016 budgets have been carried out, despite the economic situation. I commend the governor for a number of life-changing projects introduced,” Obasa said.
The speaker said that the House was committed to laws that would improve socioeconomic development of the state, saying that the Assembly had passed lots of laws to better the life of residents.
He said that the House would ensure that the 2017 deliver on inclusive growth and prioritise the welfare of the residents, calling on heads of Ministry, Department and Agencies to cooperate with the House while on oversights.