A budget totalling 812.998 billion naira has been signed into law for the year 2017 by the Lagos State Governor, Mr Akinwunmi Ambode.
While appending his signature to the fiscal document, Governor Ambode promised to judiciously implement the budget to consolidate on the modest milestones recorded in the last 18 months thereby propelling the State to a path of prosperity.
The Governor, who spoke at a brief but impressive ceremony, held at the Lagos House, Ikeja, said the 2017 budget, christened, Golden Jubilee Budget was his administration’s contract with ‘Lagosians’ to continue to build an all-inclusive economy throughout the year.
The Governor appreciated the House of Assembly for its forthrightness and speedy consideration of the Appropriation Bill, which was presented to the House on November 29, 2016 and was passed into Law on January 3, 2017.
According to him, the N812.998bn Y2017 budget is in line with the State’s Development Plan 2012-2025, the Medium Term Expenditure Framework for 2017-2019, based on the State’s Four Pillars of Development Plan which include: Infrastructure Development, Economic
Development, Social Development and Security as well as Sustainable Environment.
Governor Ambode, while giving the assurance that his administration would immediately hit the ground running to implement the budget, expressed optimism that the national economy would begin a path of recovery this year.
We are encouraged by the budget performance of last year (2016) which stood at 78 per cent. Our total Capital Expenditure in 2017 will be N507.816bn while Recurrent Expenditure is estimated at N305.182bn; our government is committed to prudent financial management and equitable allocation of resources for the general good and will ensure proper fiscal discipline in the implementation of this Appropriation Law, Governor Ambode said.
While alluding to the fact that obligations and duties of citizens like tax payments had become noticeably better, Governor Ambode sought the cooperation and understanding of all taxpayers to successfully implement the budget, saying that government would continue to strive harder to improve service-delivery in all sectors.
We encourage all tax payers to continue in this spirit and also take advantage of available multi-pay channels in fulfilling their civic obligations. Do not pay to touts or illegal channels, make sure your tax payments count, we are doing everything to eliminate poor services to you, he said.
Speaker of the State House of Assembly, Mr Mudashiru Obasa, in a goodwill message, said the judicious implementation of the 2016 Budget by the Governor, against all odds, has gone a long way to confirm his financial expertise.
Mr Obasa said many laudable projects including the construction of 114 Roads across all the local governments in the state within a year were first in the history of Nigeria.
That means by 2023, just in eight years, he would have done over 1,000 roads in addition to what the Ministry of Works and Public Works Corporation is doing, another area that is unbeatable is the ‘Light up Lagos’, which no doubt increases the economy of our mothers and fathers, that is in tandem with the Article of Faith as entrenched in the 1999 Constitution, the Speaker said.
The Commissioner for Finance, Mr Akinyemi Ashade who gave a breakdown of the budget, said a total of N507.816billion has been earmarked for capital expenditure, while N305.182billion is for recurrent expenditure making up a total expenditure of N812.998billion and an aggregate capital to recurrent ratio of 62:38.
Mr Ashade, who is also the Commissioner overseeing the Ministry of Economic Planning and Budget, said Y2017 budget which would largely be driven by Internally Generated Revenue (IGR) made up of taxes, rates, levies and others, would be focused on continuous promotion of massive investments in security, infrastructure, transport/traffic management,
physical and social infrastructural development, environment, health, housing, tourism, power, e-governance, education, agriculture and skill acquisition.
He added that a total of N141.692billion was earmarked for roads and other infrastructure, while Agriculture and Food Security got N4.795billion with Tourism and Environment getting N20.247billion and N24.031billion respectively.
Water will get N20.082billion; Housing, N50.344billion; Health, N51.447billion; Sports Development, N9.457billion; Education,N92.445billion; Commerce and Industry, N1.500billion, Wealth and Employment Creation, N6.250billion; Women Affairs, N2.193billion; Youth and Social Development, N2.698billion; Governance,
N11.193billion; Science and Technology, N11.000billion; Security, Law
and Order, N39.722billion, while N3.800billion will be set aside for the 7.5 percent Government Share to Pension Contribution andN7.150billion for Pension Redemption Bond Fund-Shortfall, the commissioner reiterated.
On Transportation, Ashade said N49.077billion was earmarked for the Blue Rail Line, advancement of the 10-Lane Lagos-Badagry Expressway, construction of jetties and terminals especially for the Epe and Marina Shoreline Protection and procurement of ferries to improve on water transportation and encourage tourism, while also disclosing that
attention would be paid to the expansion of BRT corridors in Oshodi-Abule-Egba, and other corridors.
Source: Voice of Nigeria