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Lagos sets infrastructure as priority: to spend N462.757 billion on projects

Governor Akinwunmi Ambode of Lagos State, has presented the 2019 Appropriation Bill of N852.317 billion with over 54% set aside for capital expenditure.

Laying the budget before the lawmakers, the governor stated that Capital Expenditure was N462.757 billion or 54 % of total budget. Explaining reasons for the concentration on capital project, the governor stressed that the budget was targeted at completion of major infrastructure projects and smooth transition to the next administration.

“In 2019, as was with our previous budgets, Economic Affairs still dominates the sectorial 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.

The budget includes a deficit financing of N77.086bn which is expected to be sourced from internal loans and other sources. Ambode explained that the proposed budget’s key components were; Recurrent Expenditure at, N389.560 billion, while the Capital Expenditure was N462.757 billion

He said: “Consequently, the 2019 Budget is projected to consolidate on the economic gains made so far by capitalising on realistic, budget friendly programmes and projects. “The projected total revenue for Year 2019 is N775.231billion, of which N606.291billion is expected to be generated internally, N168.940billion is expected from Federal Transfers, while a total of N77.086 billion will be sourced through deficit financing within our medium term expenditure framework. “The overall Budget performance as at November 2018 stood at 60 percent representing N574,206 billion with actual cumulative total revenue of N530,192 billion representing 64 per cent   Capital Expenditure closed at N 311,930 billion representing 49per cent and Recurrent Expenditure performed at N262,276 billion, representing 82 per cent. “We are confident that the revenues of the state will improve this year by consolidating on the already established public financial management and technology-driven revenue reforms; through data integration and use of multi-payment channels.”

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