Gov. Akinwunmi Ambode of Lagos State on Tuesday presented a hefty budget of N813 billion to the state House of Assembly for 2017 tagged “Golden Jubilee Budget” .
The budget which is N150.4 billion higher than the 2016 budget of N662.58 billion has a Capital Expenditure of N512.46 billion and a Recurrent Expenditure of N300.53 billion, a ratio of 63:37 respectively. It is a pointer to where the state is focusing in 2017: massive infrastructure development especially road construction and rehabilitation, health, among others.
According to the Governor, Phase 2 of the 114 Local Government Roads project and the Fourth Mainland Bridge will commence in 2017.
“A key focus of the 2017 budget is road construction, rehabilitation and maintenance.
“Our government will focus on roads that will open up the inter-lands, improve connectivity in the state and reduce travel time.”
The governor said that the state was expecting an increase in the Federal allocation through 13 per cent derivation from oil and gas in 2017.
He said at the end of October, this year, the overall performance of the budget was 71%.
“Total revenue stood at N350bn/77.5% while Capital Expenditure closed at N200bn/62%and the Recurrent Expenditure performed at N180bn/82%.
The governor said that fundamental reforms would be carried out on all modes of transportation- roads, water and the walkways.
Ambode called for the cooperation and understanding of all residents in prompt payment of their taxes, saying that the state government would embark on extensive revenue collection reforms.
“The successful implementation of this budget depends on all Lagosians.
“We all have a huge responsibility to ensure that it succeeds, as we cannot just afford to fail, even at this critical period of economic recession,” he said.
The Speaker, Lagos State House of Assembly, Mr Mudashiru Obasa, commended the governor for his determination to develop the state, in spite of the dwindling revenue.
Obasa, specifically commended the governor on road infrastructure, transportation, Light Up Lagos project and other developmental projects.
“Almost all projections in the 2016 budget have been carried out, in spite of the economic situation.
“I commend the governor for a number of life-changing projects he introduced,” the speaker said.
