After issue of his impeachment plan by the Lagos State House of Assembly has been put aside following the intervention of Former Governor Bola Tinubu, Governor Akinwunmi Ambode of Lagos State has presented the 2019 budget before the Assembly on Tuesday.
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| Governor Akinwunmi Ambode |
Ambode during his presentation disclosed that a total budget size of N852,316,936,483 will consolidate on the economic achievements of the administration in the past three and half years.
According to him, the recurrent Expenditure is N389.56 while Capital Expenditure of the year stands at N462.47, which is a ratio of 46:54.
He disclosed that the projected total revenue for the year, is N775.231 billion with N606.291 billion expected to be generated internally and N168.940 billion expected from Federal Transfers while a total of ₦77.086 billion will be sourced through deficit financing within the state's medium-term expenditure framework.
He said, “ In the outgoing year( 2018 budget 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%/₦574,206 billion with actual cumulative total revenue of ₦530,192 billion/64%, Capital Expenditure closed at ₦311,930 billion/49% and Recurrent Expenditure performed at ₦262,276 billion/82%.
“In preparing the Year 2019 Budget, therefore, we were very mindful of the outgoing year performance, the yearnings of our people and the fact that we are going into an election year.
" Consequently, we are today presenting a Budget that will be all-encompassing, reflect the level of resources that will be available and with special consideration to the completion of major ongoing projects in the State.
This proposed budget has the following key components:
Recurrent Expenditure ₦ 389.560bn
Capital Expenditure ₦ 462.757bn
Capital/Recurrent Ratio 54:46.
“The projected total revenue for Year 2019 is ₦775.231 billion, of which ₦606.291 billion is expected to be generated internally, ₦168.940 billion is expected from Federal Transfers while a total of ₦77.086 billion will be sourced through deficit financing within our medium-term expenditure framework.
“In 2019, as was with our previous budgets, Economic Affairs still dominates the sectoral allocation of the proposed budget. This is due to our continued focus on the completion of major on-going projects such as: Oshodi-Murtala Mohammed International Airport Road; Agege Pen Cinema Flyover; Phase II of Aradagun-Iworo -Epeme Road, Oshodi Interchange Terminal; completion of JK Randle Complex, Onikan Stadium; Imota Rice Mill; Renovation/Furnishing of Lagos Revenue House, amongst others in order to meet their specified deliverable outcomes without any bias or prejudice to others.
“We are confident that the revenues of the State will improve this year by consolidating on the already established public financial management and technology-driven revenue reforms; through data integration and use of multi-payment channels.
The outgoing Lagos State Governor, however noted that the Year 2019 Budget was carefully planned to accommodate all women, youth and physically challenged, young and old, promising that the government would continue to spread development to all part of the state.
He noted that the effective implementation, failure or success of the Budget depend on the various arms of government including outgoing and incoming administration.
The breakdown of the allocations it was gathered, will be rendered by the Ministry of Budget and Planning and Finance subsequently.
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