Governor of Lagos State, Akinwunmi Ambode on Tuesday presented the year 2019 budget proposal of N852.316billion to the House of Assembly.
This he did with a pledge that it had been carefully prepared to be all-encompassing and dedicated to complete major ongoing projects in the State.
The Governor said N462.757billion representing 54 percent of the total budget size had been earmarked for capital expenditure, while N389.560billion representing 46 percent had been dedicated to recurrent expenditure.
He further stated that key projects such as the Oshodi-Murtala Mohammed International Airport Road and Oshodi Interchange Terminal, among others would be completed.
He said from inception of his administration, nine key areas were given priority after careful assessment of the needs of the citizens, adding that such had informed the massive investment in the said sectors.
These sectors include security, transport/traffic management, economy -including tourism and agriculture, housing, education, health, infrastructure – social and physical, water, wealth creation – skill acquisition/microfinance, e-Governance and enhanced capacity building, sustainable environment, and smart city projects.
According to him, “In the outgoing year, however, we experienced a reduction in our revenue projections, which affected our projected performance and our desired implementation of the Y2018 Budget. The overall Budget performance as at November 2018 stood at 60 per cent/N574,206billion with actual cumulative total revenue of N530,192billion/64 per cent, Capital Expenditure closed at N311,930billion/49 per cent and Recurrent Expenditure performed at N262,276billion/82 per cent.
“In preparing the Year 2019 Budget, therefore, we were very mindful of the out-going year performance, the yearnings of our people and the fact that we are going into an election year. Consequently, we are today presenting a Budget that will be all-encompassing, reflect the level of resources that will be available and with special consideration to the completion of major on-going projects in the State.”
He added: “The projected total revenue for Year 2019 is ?775.231billion, of which ?606.291billion is expected to be generated internally,?168.940billion is expected from Federal Transfers while a total of ?77.086billion will be sourced through deficit financing within our medium term expenditure framework.
“In 2019, as was with our previous budgets, Economic Affairs still dominates the sectoral allocation of the proposed budget. This is due to our continued focus on the completion of major on-going projects such as: Oshodi-Murtala Mohammed International Airport Road; Agege Pen Cinema Flyover; Phase II of Aradagun-Iworo -Epeme Road, Oshodi Interchange Terminal; completion of JK Randle Complex, Onikan Stadium; Imota Rice Mill; Renovation/Furnishing of Lagos Revenue House, amongst others in order to meet their specified deliverable outcomes without any bias or prejudice to others.”
He further said
“The Year 2019 Budget has been carefully planned to accommodate all and sundry; women, youth and physically challenged, young and old. We will continue to spread development to all part of our state even as we embark on effective transition knowing fully well that the implementation, failure or success of the Budget depend on all of us,” he said.
