Lagos rakes in N503.7bn revenue in 2017

Lagos State governor, Mr Akinwunmi Ambode, on Thursday disclosed that the sum of N503.7 billion revenue was generated in 2017 by his administration, saying that his administration’s budget performance stood at 82 per cent.

The governor assured that he was committed to stimulating the economy, accelerate its growth and create opportunities for residents of Lagos in the new year.

Ambode said this at  the First Quarter 2018 Town Hall meeting held in Ikeja, adding that he would re-double his efforts to boost the economy in order to increase revenue generation.

His words: “Despite the harsh economy, our state budget performed 82 per cent. Total revenue generated was N503.7 billion, representing a performance of 78 per cent. Total recurrent expenditure was N281.33 billion, a performance of 92 per cent, while total capital expenditure was N387.60 billion or 76 per cent performance.”

Giving further breakdown, the governor said the state economy was stimulated to boost revenue through disbursement of N4.5 billion to 5,500 artisans, entrepreneurs and others under the Lagos State Employment Trust Fund (LSETF).

On education, Governor Ambode said N635.5 million was handed over to 8,419 students in tertiary institutions as bursary in the state.

The governor, who also spoke on the menace of  herdsmen in the country, assured that it would be prevented from spreading to the state, adding that, “Herdsmen will not have space in Lagos. The state government security officials would work effectively to mitigate any action that could come from that quarters.”

He also  promised to face the issue of miscreants flocking the state. “It is better we clean the street before the campaign for the 2019 elections starts”., the, governor stated.