As Lagos marks its 50th anniversary this year, Governor Akinwunmi Ambode has signed the “Golden Jubilee Budget” into law. The budget would focus on physical infrastructure, health, education, youth and social development. The bill was signed on January 3.
Governor Ambode expressed gratitude while speaking to the House of Assembly for their early approval of the appropriation bill which he presented to the house. The 812.998 billion naira budget would deliver its quota in the State Development Plan for 2012 to 2025. To this effect, Ambode’s administration would hasten the implementation of the budget which will enable the recovery of the national economy.
Akinyemi Ashade, who doubles as the Commissioner for Finance and Commissioner for Economic, Planning, and Budget gave a breakdown of the budget, said a total of 507.816 billion naira has been set aside for capital expenditure, while 305.182 billion naira is for recurrent expenditure and an aggregate capital to recurrent ratio was set at 62:38.
Making reference to the breakdown of the budget, Akinyemi gave a further breakdown, which showed the quota of various sectors.
A total of 141.692 billion naira was set aside for roads and infrastructure. Some of the road projects include the Murtala Mohammed International Airport Road from Oshodi, Agric-Isawo-Owotu-Arepo Road in Ikorodu, Igbe- Igbogbo Phase II- Bola Tinubu Way in Ikorodu, Ijegun Imore Phase II Amuwo in Ojo axis, Oke-Oso-Araga-Poka in Epe, Epe-Poka-Mojoda in the Epe axis and the completion of the Abule-Egba, Ajah and Pen Cinema flyovers.
So far, Ambode’s administration has completed 114 Local Government roads as promised. However, the construction of the Fourth Mainland Bridge would commence in 2017, and the government would seek the Public Private Partnership to execute some road projects including Oke Oso-Itoikin dualisation project in the Epe axis, Okokomaiko-Seme road project in Badagry axis and Ikorodu-Agbowa-Itoikin-Ijebu Ode road project in the Ikorodu axis.
Other sectors like education accounts for 92.445 billion naira, the health sector gets 51.447 billion naira, housing accounts for 50.344 billion naira, law and order gets 39.722 billion naira, environmental sector gets 24.031 billion, water accounted for 20.082 billion naira, tourism accounts for 20.247 billion naira, governance gets 11.193 billion naira, science and technology accounts for 11.000 billion naira, sports development gets 9.457 billion naira, wealth and employment creation gets 6.250 billion naira, youth and social development sector accounts for 2.698 billion naira, women affairs gets 2.193 billion naira, agriculture and food security accounts for 4.795 billion naira, commerce and industry accounts for 1.500 billion naira, while Pension Redemption Bond Fund-Shortfall got 7.150 billion naira and 3.800 billion naira was set aside for 7.5 percent government share to pension contribution.
The 49.077 billion naira budgeted for transportation would address the advancement of the 10-Lane Lagos-Badagry Expressway under construction. Also, construction of jetties and terminals in the Epe axis and Marina Shoreline Protection and procurement of ferries to improve on water transportation to encourage tourism. New BRT corridors will be built at the Oshodi and Abule-Egba.
Giving his final remark, Ambode called for the cooperation of all taxpayers to successfully implement the budget and he stated that the government would continue to ensure improved service delivery in all sectors. He bought to notice that some fraudulent tax collectors use the state as a front and that taxpayers should take advantage of multi-pay channels and make their payments count.
However, the year 2016 budget performance stood at 78 percent, the budget had a total capital expenditure of 507.816 billion naira and a recurrent expenditure of 305.182 billion naira. The 2017 budget amounts to an increase of 150.41 billion from the 2016 budget of 662.588 billion and of which the total revenue was estimated at 642.848 billion naira with a deficit financing of 170.151 billion naira.
Ambode, while at the Lagos House, Ikeja announced and assured Lagosians his administration would ensure fiscal discipline in its implementation and the state would continue to build an all-inclusive economy throughout the year. Ambode had presented the budget proposal of 812.998 billion naira to the House of Assembly on November 29, 2016, for approval.