From Suleiman Idris Lagos
Capital expenditure will gulp 67% of the 2018 budget proposal of N1.046 trillion Lagos State Governor, Mr. Akinwunmi Ambode presented to the House of Assembly on Monday.
The remaining 33% will be devoted to recurrent expenses whilst the state will target N720 Internally Generated Revenue just as infrastructure, education, transport, security and the health sector gets lion share.
Mr. Ambode pledged his administration will make every effort to complete all ongoing projects as well as initiate new ones to consolidate on the development recorded in the last 30 months.
Christened “Budget of Progress and Development”, the governor said it would be used to consolidate on the achievements recorded in infrastructure, education, transportation/traffic management, security and health sectors.
He said the Budget would also focus on mandatory capacity building for civil servants, all teachers in public secondary/primary schools, officers in the health service sector and women & youth empowerment alongside Medium and Small/Micro Size Entrepreneurs (MSMSE’s).
Outlining the key components of the budget, he said capital expenditure would gulp N699.082billion while N347.039billion would be dedicated to recurrent expenditure, representing a Capital/Recurrent ratio of 67 percent to 33 percent and a 28.67 percent increase over Y2017 budget.
The Governor said that despite the modest achievements recorded in 2017, there was still much work ahead, assuring that Government would not relent in its efforts to give Lagosians the best by way of continuous and efficient service delivery.
The Governor 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.
Governor Ambode also assured that his administration will vigorously pursue its planned direct intervention in the power value chain towards generating 3,000MW Embedded Power Programme within a three-year plan to achieving 24/7 power supply for the State, stressing that the challenge of inadequate power supply must be resolved for the economy to perform optimally.
A sectoral breakdown of the budget shows that General Public Services got N171,623bn, representing 16.41 percent; Public Order and Safety, N46.612bn, representing 4.46; Economic Affairs, N473,866bn, 45.30 percent; Environmental Protection, N54,582bn, representing 5.22percent while Housing and Community Amenities got N59,904bn, representing 5.73 percent.
Also Health sector got N92.676billion, representing 8.86percent; Recreation, Culture and Religion got N12.511billion, representing 1.20 percent; Education got N126.302billion representing 12.07percent, while Social Protection got N8.042billion representing 0.77percent.