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Budget tracker: Ambode signs N812.998 2017 budget into law
by Usman Alabi
Lagos State Governor, Akinwunmi Ambode on Monday signed the N812.998bn 2017 Appropriation Bill into Law, with a promise that it would be judiciously implemented to consolidate on the modest milestones recorded in the last 18 months of his regime.
Governor Ambode said the N812,998bn 2017 budget was in line with the State Development Plan 2012-2025, the Medium Term Expenditure Framework for 2017-2019, based on the State’s Four Pillars of Development Plan which include: Infrastructure Development, Economic Development, Social Development and Security as well as Sustainable Environment.
The Commissioner for Finance, Mr. Akinyemi Ashade who gave a breakdown of the budget, said a total of N507.816bn has been earmarked for capital expenditure, while N305.182bn is for recurrent expenditure making up a total expenditure of N812.998bn and an aggregate capital to recurrent ratio of 62:38.
The Commissioner further stated that the 2017 budget which would largely be driven by Internally Generated Revenue (IGR) made up of taxes, rates, levies and others, would be focused on continuous promotion of massive investments in security infrastructure, transport/traffic management, physical and social infrastructural development, environment, health, housing, tourism, power, e-governance, agriculture and skill acquisition.
Ashade said a total of N141.692 billion was earmarked for roads and other infrastructure, while Agriculture and Food Security got N4.795 billion with Tourism and Environment getting N20.247 billion and N24.031 billion respectively.
Further breakdown of the budget showed that Water got N20.082 billion; Housing, N50.344 billion; Health, N51.447 billion; Sports Development, N9.457 billion; Education, N92.445 billion; Commerce and Industry, N1.500 billion, Wealth and Employment Creation, N6.250billion; Women Affairs, N2.193 billion; Youth and Social Development, N2.698 billion; Governance, N11.193 billion; Science and Technology, N11.000 billion; Security, Law and Order, N39.722 billion was set aside for the 7.5 per cent Government Share to Pension Contribution and N7.150 billion for Pension Redemption Bond Fund-Shortfall.
On Transportation, Ashade said N49.077 billion was earmarked for the Blue Rail Line, Advancement of the 10-Lane Lagos-Badagry Expressway, construction of jetties and terminals especially for the Epe and Marina Shoreline, Protection and procurement of ferries to improve on water transportation and encourage tourism, while also disclosing that attention would be paid to the expansion of BRT corridors in Oshodi-Abule-Egba, and other corridors.
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