Ambode Budgets N852.316bn for 2019, Capital Projects to Gulp N462.757bn
The Lagos State Governor, Mr Akinwunmi Ambode Tuesday presented a total of N852.316billion budget for 2019.
Ambode in the budget presentation to the House of Assembly said N462.757billion was for capital project while the sum of N389.560billion was for recurrent expenditure.
He explained that the budget provides for the completion of capital projects like the Oshodi-Murtala Mohammed International Airport Road and Oshodi Interchange Terminal, among others.
He added that on assumption of office, he had identified the need of the people which include security, transport / traffic management, economy -including tourism and agriculture, housing, education, health and infrastructure.
He said, “In 2019, as was with our previous budgets, Economic Affairs still dominates the sectoral 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.”
He expressed hope that this year’s revenue will improve.
Ambode also said that the reduction in revenue for last year affected its budget performance of N1.046trn.
He said that as at November last year, the budget performance was 60 percent or N574,206billion with total revenue of N530,192billion/64 per cent.
According to him, capital project was N311,930billion/49 per cent while recurrent expenditure was N262,276billion/82 per cent performance.
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