Governor Akinwunmi Ambode Lagos State, on Monday, signed the 2018 Appropriation Bill of the State into law with a total budget size of N1,046 trillion.
The total budget size comprises of N347, 038, 938, 872.00 to be funded from the Consolidated Revenue Fund, and N699, 082, 242,808.00 from the Development Fund for both capital and recurrent expenditure for the year ending 31st December, 2018.
The Governor also signed two critical bills into law. They are the Consolidated Transport Sector Bill and the Lagos State Teaching Service Commission Bill.
The Transport Sector Law 2018 provides for the development and management of a sustainable transport system in the State, as well as development, management and maintenance of transport infrastructure and facilities within the State
.The law regulates and co-ordinates the management of teaching service matters and provides uniform guidelines for the effective management of Post-Primary Schools in the State.
Governor Ambode, while presenting the 2018 Appropriation Bill to the State House of Assembly, had pledged that his administration would make every effort to complete all ongoing projects as well as initiate new ones to consolidate on the development recorded in the last two and half years.
He said the budget, christened as “Budget of Progress and Development”, would be used to consolidate on the achievements recorded in infrastructure, education, transportation/traffic management, security and health sectors, among others.
Outlining the key components of the budget, Commissioner for Economic Planning and Budget, Mr. Olusegun Banjo 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 per cent to 33 per cent and a 28.67 per cent increase over Y2017 budget.
He 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.
According to sectoral breakdown of the budget, General Public Services is earmarked to gulp N171,623 billion, representing 16.41 per cent; Public Order and Safety, N46.612 billion, representing 4.46; Economic Affairs, N473,866 billion, representing 45.30 per cent; Environmental Protection, N54,582 billion, representing 5.22 per cent, while Housing and Community Amenities got N59,904 billion, representing 5.73 per cent.
Health sector got N92.676 billion, representing 8.86 per cent; Recreation, Culture and Religion got N12.511 billion, representing 1.20 per cent; Education got N126.302 billion representing 12.07 per cent, while Social Protection got N8.042 billion representing 0.77 per cent.
Under the budget, there are provisions for completion of the five new Art Theatres; establishment of an Heritage Centre at the former Federal Presidential State House recently handed over to the State Government; a world class museum between the former Presidential Lodge and the State House, Marina; construction of four new stadia in Igbogbo, Epe, Badagry and Ajeromi Ifelodun (Ajegunle) and completion of the on-going Epe and Badagry Marina projects.