Lagos Governor, Akinwunmi Ambode on Monday signed the 2018 Appropriation Bill of N1.046 trillion into law.
The State House of Assembly had on January 30 passed the Appropriation Bill into law.
The Commissioner for Finance, Akinyemi Ashade, briefed journalists shortly after the signing.
Ashade said that the focus of ‘Budget of Development and Progress’ would be to complete all ongoing projects.
Ashade puts the projection for the internally generated revenue (IGR) and Federal receipt 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 has just signed the 2018 Appropriation Bill into law.
“For the first time, the law has about N1.046 trillion as the total amount that we will spend in 2018.
“The Budget is tagged “Budget of Progress and Development”.
“We have 63 per cent for capital expenditure and 37 per cent for recurrent expenditure; and that shows that we are really big on infrastructural renewal.
“In terms of revenue, we are expecting N897 billion from both the State and Federal receipts; so the rest will be funded through Budget Deficit Financing,” Ashade said.
Also, the Commissioner for Economic Planning and Budget, Olusegun Banjo, outlined the key components of the Budget.
He said that the capital expenditure would gulp N699.082 billion, while N347.039 billion would be dedicated to 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; the alternative routes through Oke-Ira in Eti-Osa to Epe-Lekki Expressway.
Also included is the 8km Regional Road to serve as the alternative route to connect Victoria Garden City (VGC) with Freedom Road in Lekki Phase I.
Banjo listed other projects to include the completion of the ongoing reconstruction of Oshodi International Airport Road into a 10-lane road and the BRT Lane from Oshodi to Abule-Egba.
In the sectoral breakdown of the Budget, N171, 623 billion representing 16.41 per cent is allocated to the General Public Services.
Also, N46.612 billion, representing 4.46, is allocated to Public Order and Safety; while the Economic Affairs section received N473,866 billion, representing 45.30 per cent.
Environmental Protection received N54,582 billion, representing 5.22 per cent, while Housing and Community Amenities got N59,904 billion, representing 5.73 per cent.
The Health sector got N92.676 billion, representing 8.86 per cent; N12.511 billion, representing 1.20 per cent was earmarked for Recreation, Culture and Religion.
Also, the Education sector received N126.302 billion representing 12.07 per cent, while Social Protection got N8.042 billion representing 0.77 per cent.
There is also provision in the Budget for the completion of five new Art Theatres to be located in different parts of the state.
It also made provisions for the establishment of the Heritage Centre to be sited at the former Presidential /National Assembly complex 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; the construction of four new stadia in Igbogbo, Epe, Badagry and Ajeromi Ifelodun (Ajegunle).
It would also take care of the completion of the ongoing Epe and Badagry Marina projects.
On housing, there are provisions for the 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 the Consolidated Transport Sector Bill and the Lagos State Teaching Service Commission Bill into law.
The Transport Sector Law 2018 is to provide for the development and management of a sustainable transport system in the state.
It will also facilitate the development, management and maintenance of transport infrastructure and facilities within the state.
The law will also regulate the provision of an efficient transport delivery system and ensures availability of a safe and affordable transport delivery system.
It will also ensure the availability of a safe and affordable transportation system in the state.
Also, the Teaching Service Commission Law 2018 is to provide for the control and management of teaching service matters in the state, and for connected purposes.
The law will also regulate and coordinate the management of teaching service matters and provides uniform guidelines for the effective management of Post-Primary Schools in the state.
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