Lagos signs N1.046trn 2018 budget into law, targets N897bn revenue

Akinwunmi Ambode, Lagos State governor, Monday signed the state’s 2018 appropriation bill into law with a total budget size of N1.046 trillion, comprising N347.039 billion to be funded from the consolidated revenue fund, and N699, 082.243 billion from the development fund for both capital and recurrent expenditure for the year.

Outlining the key components of the budget, Olusegun Banjo, commissioner for economic planning and budget, said 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 2017 budget.

According to sectoral breakdown of the budget, general public services is earmarked to gulp N171.623 billion or 16.41 percent of the total budget; public order and safety N46.612 billion (4.46%); economic affairs N473.866 billion (45.30%); environmental protection N54.582 billion (5.22%); and housing & community amenities N59.904 billion (5.73%).

The breakdown also indicates that the health sector got N92.676 billion (8.86%); recreation, culture and religion N12.511 billion (1.20%); education N126.302 billion (12.07); and social protection N8.042 billion (0.77%).

“The Budget is tagged ‘Budget of Progress and Development’ and in terms of capital and recurrent expenditure, we have 63 percent capital and 37 percent recurrent and that shows that we are really big on infrastructural renewal,” Akinyemi Ashade, commissioner for finance said.

Ashade highlighted that the state expects a total of N897 billion both from the state and federal receipts, while balance of the expenditure plan would be funded through budget deficit financing.

“We are focusing this year on completing all projects that we have started knowing fully well that people would say that this is an election year, but the governor is focused on delivering the dividends of democracy; we are not slowing down, we want to really ensure that we touch every aspect of Lagos that needs to be touched in terms of infrastructural renewal, welfare and other things that the Governor promised,” Ashade said.