2018 Budget: Lagos to spend N473,866bn on Economic Affairs

2018 Budget: Lagos to spend N473,866bn on Economic Affairs

Lagos State will in 2018, spend N473,866bn on Economic Affairs, which is about 45.30 percent of the 2018 Appropriation Bill which was signed into law on Monday.

The bill has a total budget size of N1.04 trillion, of which N347, 038, 938, 872.00 is 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 ending 31st December, 2018.

Dubbed the “Budget of Progress and Development”, Lagos State Governor, Akinwunmi Ambode, while presenting the 2018 Appropriation Bill to the State House of Assembly, said the budget would consolidate on the achievements recorded in infrastructure, education, transportation/traffic management, security and health sectors, among others.

According to a sectoral breakdown of the budget, General Public Services is expected to gulp N171,623bn, representing 16.41 percent; Public Order and Safety, N46.612bn, representing 4.46; and Economic Affairs, N473,866bn, representing 45.30 percent; the highest percentage of any sector.

Others include Environmental Protection, N54,582bn, representing 5.22 percent; Housing and Community Amenities got N59,904bn, representing 5.73 percent; Health sector got N92.676billion, representing 8.86 percent; Recreation, Culture and Religion got N12.511billion, representing 1.20 percent; Education, N126.302billion representing 12.07 percent and Social Protection, N8.042billion representing 0.77 percent.

Outlining the key components of the budget, Commissioner for Economic Planning and Budget, Olusegun Banjo said capital expenditure would gulp N699.082billion, while N347.039billion would be dedicated to recurrent expenditure.

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.

Banjo 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 on-going reconstruction of Oshodi International Airport Road into a 10-lane road and the BRT Lane from Oshodi to Abule-Egba.

Under the budget, provisions were made for the completion of the five new Art Theatres; establishment of a 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 on-going Epe and Badagry Marina projects.

On Housing, the completion of on-going projects especially those at Gbagada, Igbogbo, Iponri, Igando, Omole Phase I, Sangotedo and Ajara-Badagry under the Rent-to-Own policy, among others, are said to have been provided for, in the budget.

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, infrastructure and facilities in 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 this law, an efficient integrated transport management system will 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.