The Lagos State House of Assembly yesterday approved the N812.9billion budget proposal presented by Governor Ambode last year.
The recurrent expenditure in the budget stands at N305.1billion and the total Capital Expenditure is N507.8billion.
The total budget size presented still remain the same figure, but the house however reduced allocations to some ministries, departments and agencies (MDAs) and increased allocations to others. The highlights of the project include:
Increased capital expenditure of Lagos Independent Electoral Commission from N2.5 billion to N3 billion to cater for election matters.
Overhead for Security/Emergency Interventions was reduced from N500 million to N400 million.
N1 billion was allocated as capital expenditure for the Ministry of Special Duties and Intergovernmental Relations
The Assembly also approved the sum of N20.43 billion for LAMATA as capital expenditure and N2 billion for ferry services.
Capital vote for road maintenance rose from N790.10 million to N1.79 billion.
Overhead cost for Lagos State House of Assembly Service Commission was increased from N210 million to N252 million.
The house increased the allocation for the Ministry of Education from N525million to N650 million; the Ministry of Agriculture from N293 million to N350 million. Allocation for Lagos Water Corporation was increased from N1.4billion to N1.6billion.
Funds for the state infrastructure intervention fund was increased from N5 billion to N10 billion. Funds for Motor Vehicle Administration Agency were reduced from N6.5 billion to N5.8 billion.
Do you think the size of the present budget could increase the economic advantage of Lagos in Nigeria, especially in the light of the state of the Nigerian economy. Let us have your take on this.