Gov. Akinwunmi Ambode of Lagos State on Monday signed the 2018 Appropriation Bill of the State into law with a total budget size of N1.04 trillion.
The budget comprises of N347.039 billion to be funded from the Consolidated Revenue Fund and more than N699.082 billion from the Development Fund for both capital and recurrent expenditure for the year ending Dec. 31, 2018.
The governor also signed two critical bills into law, which included 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 transportation system.
It is hoped that with this law, an efficient integrated transport management system will evolve in the State.
On the other hand, 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 co-ordinates the management of teaching service matters and provides uniform guidelines for the effective management of Post-Primary Schools in the State.
Ambode, while presenting the 2018 Appropriation Bill to the State House of Assembly, had pledged that his administration would make every effort to complete all ongoing projects as well as initiate new ones to consolidate on the development recorded in the last two and half years.
He said the budget, christened as “Budget of Progress and Development”, would be used to consolidate on the achievements recorded in infrastructure, education, transportation/traffic management, security and health sectors, among others.
Mr Olusegun Banjo, Commissioner for Economic Planning and Budget, who outlined the key components of the budget, said capital expenditure would gulp N699.082 billion, while N347.039 billion would be dedicated to recurrent expenditure.
These represent a Capital/Recurrent ratio of 67 per cent to 33 per cent and a 28.67 per cent increase over the 2017 budget.
Banjo 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 and the eight kilometres Regional Road to serve as an alternative route to connect Victoria Garden City (VGC) with Freedom Road in Lekki Phase I.
It also captured the completion of the on-going reconstruction of Oshodi-International Airport Road into a 10-lane road and the BRT Lane from Oshodi to Abule-Egba.
According to the sectoral breakdown of the budget, General Public Services is earmarked to gulp N171,623 billion, representing 16.41 per cent; Public Order and Safety, N46.612 billion, representing 4.46 per cent and Economic Affairs, N473,866 billion, representing 45.30 per cent.
Others are Environmental Protection with N54,582 billion, representing 5.22 per cent; Housing and Community Amenities that got N59,904 billion, representing 5.73 per cent and 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 got N126.302 billion representing 12.07 per cent, while Social Protection got N8.042 billion, representing 0.77 per cent.
Under the budget, there are provisions for completion of the five new Art Theatres; establishment of a Heritage Centre at the former Federal Presidential State House, recently handed over to the State Government and
It also provides 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 on-going projects especially those at Gbagada, Igbogbo, Iponri, Igando, Omole Phase I, Sangotedo and Ajara-Badagry under the Rent-to-Own policy, among others.
Also speaking, Commissioner for Finance, Mr Akinyemi Ashade put the projection for 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.
“For the first time, the Law has about N1.046 trillion as the total amount that we would spend in 2018.
“The Budget is tagged “Budget of Progress and Development” and 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.
By Our Correspondent