UPDATE: Ambode presents N852.317bn 2019 budget to Lagos Assembly

Despite the protracted delay in the presentation of the 2019 budget, Lagos State Governor, Mr Akinwunmi Ambode, on Monday, February 2017, finally presented the 2019 budget estimates of ₦852,316,936,483 to the Lagos State House of Assembly for approval.

According to the Governor, the 2019 budget has a capital expenditure of ₦ 389.560bn and recurrent expenditure of ₦462.757bn, while the capital to the recurrent ratio of the budget stood at 54:46.

He said that the projected total revenue for the 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.

“From the inception of this administration, we focused our attention on nine core Function Groups which are a reflection of our priorities and the needs assessments of the Citizenry. These areas 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.

“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%/₦574,206billion with actual cumulative total revenue of ₦530,192billion/64%, Capital Expenditure closed at ₦311,930billion/49% and Recurrent Expenditure performed at ₦262,276billion/82%.

“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.

ALSO READ: Fighting corruption in Nigeria is difficult ― Buhari

“We propose Year 2019 budget of ₦852,316,936,483, (852.317billion) including a deficit financing of N77.086bn which is expected to be sourced from internal loans and other sources.

Consequently, the 2019 Budget is projected to consolidate on the economic gains made so far by capitalising on realistic, budget-friendly programmes and projects.

“This proposed budget has the following key components: Recurrent Expenditure ₦389.560bn, Capital Expenditure ₦462.757bn and Capital/Recurrent Ratio of 54:46,” the governor said.

Ambode noted that Economic Affairs still dominates the sectoral allocation of the proposed budget In 2019 as was with previous budgets.

“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.

“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,” he explained.