Lagos Unveils N512.46bn Capital Expenditure 2017 ‘Jubilee Budget’

Lagos Unveils N512.46bn Capital Expenditure 2017 ‘Jubilee Budget’
Governor Akinwunmi Ambode of Lagos, on Tuesday presented the state’s 2017 Appropriation Bill to the House of Assembly, with a proposal to spend N512.464 or 63% of the year’s N812.998 billion on capital projects in continuation od the administration’s infrastructure renewal and tourism development.
This leaves recurrent expenditure of N300.535 billion or about 36.96% in the proposal christened “the golden jubilee budget,’ as it coincides with the state’s 50th anniversary.
The governor assured that the budget would be funded from an estimated revenue of N642.849 billion and the balance N170.15 billion through a N100 billion bond issuance programme, as well as internal and external loans.
The budget, he assured would focus mainly on physical infrastructure such as road construction, rehabilitation and maintenance; health; education; youth; and social development.
Specifically on roads, the governor said efforts would be geared towards roads that will open up the hinterlands, improve connectivity and reduce travel time.
A sectoral breakdown of the 2017 budget estimates, by the Commissioner for Finance, Akinyemi Ashade showed that Economic Affairs received the lion’s share of N295.84 billion or 36.39% of the budget; followed by N205.85 billion or 25.32% earmarked for General Public Services; and N36.43 billion or 4.48% to Public Order and Safety.
He explained that Environment got 56.31billion, representing 6.93%, Health got 57.29 billion representing 7.05%, while Education got N92.4 billion representing 11.37% of the budget.
The governor also spoke of plans to enter into a Public Private Partnership (PPP) to execute some road projects and Phase II of the 114 Local Government Roads project as well as the construction of the Fourth Mainland Bridge in 2017.
According to him, “in the course of the 2017 financial year, we shall carry out fundamental reforms on all our modes of transportation – Roads, Water and the Walkways. In this wise, a Public Transport Infrastructure Bond will be issued in the course of the year.
“The State government will embark on the Urbanisation of the Marina axis, Waterways Channelisation, establishment of more Parks and Gardens as well as the Community Sports Centres and Stadiums in different locations across the State.
“We will fully implement the Medical Health Insurance Scheme and deploy e-Health/ e-insurance Health Service solutions; and complete the on-going upgrading and extension work in the State General Hospitals and Ayinke House in Ikeja. Work will commence on our Medical Park in the 2017 fiscal year,” Governor Ambode added.
On the revenue expected from the federal allocation, the governor said a conservative approach was taken owing to the falling oil prices, expressing optimism that Lagos would get an increase in Federal allocation through the 13% derivation from Oil & Gas in 2017.
“In view of our financing gap, we shall continue to sustain deficit financing in the short-to-medium term; enhance revenue growth throughout the year on several initiatives including automation and efficient revenue administration.
Giving a
The Commissioner said the Budget would be funded from a total revenue estimate of N642.849billion while the balance of N170.150 billion would be funded through a N100 billion Bond Issuance program and a combination of internal and external loans.
Receiving the Budget, Speaker of the House, Hon. Mudashiru Obasa, commended the governor for the faithful implementation of the 2016 budget, adding that Lagos has witnessed a quantum leap in the last one year.
He seized the occasion to call on the Senate to reconsider the Special Status Bill for Lagos State, saying there was no better time to accord the State such recognition.
Dignitaries present at the event include former speakers of the House of Assembly including party chieftains, members of the State Executive Council, traditional rulers, religious leaders, among others.‎