Wednesday, 6 February 2019

Ambode Finally Presents N1.046 trillion Budget, Targets N60b Monthly IGR

Lagos State Governor, Mr Akinwunmi Ambode on Tuesday presented the year 2019 budget proposal of N852.316billion to the House of Assembly, with a pledge that it had been carefully prepared to be all-encompassing and dedicated to complete major ongoing projects in the State.

The Governor said N462.757billion representing 54 percent of the total budget size had been earmarked for capital expenditure, while N389.560billion representing 46 percent had been dedicated to recurrent expenditure, saying that key projects such as the Oshodi-Murtala Mohammed International Airport Road and Oshodi Interchange Terminal, among others would be completed.

Akinwunmi Ambode He said from inception of his administration, nine key areas were given priority after careful assessment of the needs of the citizens, adding that such had informed the massive investment in the said sectors which he listed to include security, transport / traffic management, economy -including tourism and agriculture, housing, education, health, infrastructure – social and physical, water, wealth creation – skill acquisition/microfinance, e-Governance and enhanced capacity building, sustainable environment and smart city projects. Giving details of what informed the budget size, Governor Ambode said the performance of Y2018 budget of N1.046trn as at November 2018 stood at 60 percent owing to reduction in revenue projections, while the total revenue stood at N530.192billion.

According to him, “In the outgoing year, however, we experienced a reduction in our revenue projections, which affected our projected performance and our desired implementation of the Y2018 Budget. The overall Budget performance as at November 2018 stood at 60 per cent/N574,206billion with actual cumulative total revenue of N530,192billion/64 per cent, Capital Expenditure closed at N311,930billion/49 per cent and Recurrent Expenditure performed at N262,276billion/82 per cent.


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