Lagos State Governor, Mr Akinwunmi Ambode, has signed the 2018 Appropriation Bill of the state into law with a total budget size of N1,046,121,181,680.00.
A statement by his Chief Press Secretary Habib Aruna revealed that the governor assented to the bill on Monday in his office at the Lagos House, Ikeja.
The total budget size comprises of N347, 038, 938, 872.00 to be funded from the Consolidated Revenue Fund, and N699, 082, 242,808.00 from the Development Fund for both capital and recurrent expenditure for the year which ends on December 31, 2018.
Governor Ambode also signed two critical bills into law – 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 the law, an efficient integrated transport management system would 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.
Governor 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 and 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 among other sectors.
Outlining the key components of the budget, the Commissioner for Economic Planning and Budget, Mr Olusegun Banjo, said capital expenditure would gulp N699.082billion, while N347.039billion would be dedicated to recurrent expenditure, representing a Capital/Recurrent ratio of 67 per cent to 33 per cent and a 28.67 per cent increase over the 2017 budget.
He 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; the 8km Regional Road to serve as alternative route to connect Victoria Garden City (VGC) with Freedom Road in Lekki Phase I; completion of the ongoing reconstruction of Oshodi International Airport Road into a 10-lane road and the BRT Lane from Oshodi to Abule-Egba.
According to sectoral breakdown of the budget, the general public services is earmarked to gulp N171,623bn, representing 16.41 per cent; public order and safety – N46.612bn, representing 4.46 per cent; economic affairs – N473,866bn, representing 45.30 per cent; environmental protection – N54,582bn, representing 5.22 per cent, while housing and community amenities got N59,904bn, representing 5.73 per cent.
The health sector also got N92.676billion, representing 8.86 per cent; recreation, culture and religion got N12.511billion, representing 1.20 per cent; education got N126.302billion, representing 12.07 per cent, while social protection got N8.042billion, representing 0.77 per cent.
Under the budget, however, there are provisions for completion of the five new Art Theatres; establishment of an Heritage Centre at the former Federal Presidential State House recently handed over to the state government; 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 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.
Also speaking, the Commissioner for Finance, Mr Akinyemi Ashade, put the projection for revenue (IGR) at N897billion, 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,” he said. “For the first time, the law has about N1.046trillion as total amount that we would spend in 2018.”