Governor Akinwunmi Ambode of Lagos State on Monday, December 11, 2017 presented the 2018 budget proposal before the State House of Assembly.
The proposal christened ‘Budget of Progress and Development’, has a size of N1, 046,121,181,680 (N1, 046tn).
Outlining the key components of the budget, the governor said capital expenditure would take the lion share of N699.082billion while recurrent expenditure would take N347.039billion; representing a Capital/Recurrent ratio of 67 percent to 33 percent and a 28.67 percent increase over the 2017 budget.
While highlighting the ‘modest’ achievements recorded in the performance of the 2017 budget, Mr. Ambode noted that 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 Y2018.
“It is our resolve in Y2018 to strive and complete all on-going projects in order to meet their specified completion period and embark on new strategic projects. We intend to improve on our Internally Generated Revenue (IGR) in the face of the dwindling accruable revenue allocation from the Federal Government, sustain our vision on wealth creation and poverty alleviation”, Governor Ambode said.
The Governor 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.
On infrastructural renewal, Governor Ambode said his administration remains committed to sustaining the tempo of continuous construction, rehabilitation, upgrading and maintenance of network of roads across the State including those within the boundary areas of Lagos and Ogun States and that the bus reform initiative would be consolidated with the introduction of high and medium capacity buses, construction and completion of bus depots at Oshodi, Anthony, Yaba and many others.
The budget presentation event was witnessed by dignitaries in the State including members of the State Executive Council led by the Deputy Governor, Dr Idiat Adebule; former Speakers of the Lagos State House of Assembly, members of the National Assembly from Lagos State, former Deputy Governors of the State, party chieftains, traditional rulers, religious leaders, among others.