Lagos Govt plans aggressive investments with N1.046 trillion in 2018 fiscal year
Lagos Governor, Mr. Akinwunmi Ambode, presenting the 2018 Budget Estimate to the House, at the Assembly Complex, Alausa, Ikeja, on Monday, December 11, 2017.
By Rasaq Bamidele
Lagos, Nigeria. Dec. 11, 2017 (AltAfrika)-Lagos State Government in Nigeria, is planning to spend N1.046 trillion in 2018 fiscal year with a promise to pursue aggressive investments in infrastructural development, power, transportation, traffic management and healthcare to consolidate on achievements recorded in the out-going year.
The proposal christened “Budget of Progress and Development” also targets further development in area such as security, education, food security, women & youth empowerment, and general public service.
Governor Ambode’s third budget proposal is the highest ever in the state’s history, and the second-highest in the country after Governor Ben Ayade’s proposed N1.3 trillion for 2018 in Cross River State.
The breakdown of the key components of the budget, shows capital expenditure would gulp N699.082 billion while N347.039 billion 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 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.
“Lagos has always been a trailblazer and we must consolidate on the economic gains made so far by initiating people-friendly programmes and projects that will attract more economic improvement in year 2018.
with a pledge that 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.
While receiving the document from the governor, the Speaker of the State Assembly, Rt Hon Mudashiru Ajayi Obasa said, “this budget proposal marks another basic point of reference in the progressing radical transformations and change that we have been witnessing in Lagos State since the inception of this administration.”
The Speaker expressed satisfaction that the 2017 Budget performed well according to project for the outgoing year, saying, “today, with the remarkable support of this House, we are all witnesses to the jobs done so far as regards infrastructural renewal and wealth creation.”