Lagos State Unveils N812.9bn 'Golden Jubilee Budget' for 2017

Governor Akin­wunmi Ambode of Lagos State on Tuesday presented a 2017 budget proposal of N812.99 billion to the state House of Assembly for approval.
Ambode, who tagged the budget as “Golden Jubilee Budget, said that it would promote mas­sive investment in secu­rity, transport, road con­struction physical and social infrastructural development.
The governor said that the recurrent expendi­ture stood at N300 bil­lion while the capital expenditures stood at N512.46 billion.

“The People’s Budget of 2016 has positively impacted the lives of La­gosians. I am confident that the 2017 budget will consolidate on our mod­est achievements and propel our state to envi­able heights.
“The budget will be at an auspicious time when our state will be celebrat­ing its Golden Jubilee Anniversary. The pro­posed budget is with the size of N812, 998 billion.
This will continue the massive renewal of our infrastructures and enhancement of Lagos as one of the foremost tourism and investments destination in Africa.
“While we focus on physical infrastructures, we shall continue to pay due attention to social infrastructures, espe­cially health, education, youths and social de­velopment in 2017”, the governor said.
According to him, total revenue stood at N350 billion which is 77.5 per cent of the bud­get while capital expen­diture stood at N200 bil­lion which is the 62 per cent of the budget.
He said the recurrent expenditure performed at N180 billion which is 82 per cent of the budget, adding that the state has maintained the conser­vative approach in esti­mating federal allocation due to fallen oil prices.
The governor, howev­er, said the state expect­ed an increase in federal allocation through the 13 per cent derivation from oil and gas in 2017 budget, adding that the income would be paid from December.
He said the state would enhance revenue growth on several initiatives in­cluding automation and efficient revenue admin­istration.
Ambode also added that the state would en­sure more collaboration with local and interna­tional investors, espe­cially in the areas of road network expansions, transports, housing and environments.
He further stated that the sectoral allocation of the budget would be distilled further by the Ministry of Finance after the presentation of the budget.
He said that state gov­ernment would continue to render its perfor­mance to the residents through the Town Hall Meetings.