Lagos State Governor Akinwunmi Ambode yesterday presented N1.046 trillion 2018 budget estimates to the House of Assembly, saying the state hopes to generate on the average N60 billion monthly to finance it.
The proposed budget, the governor said, represents an increase of 28.67 per cent over 2017 budget with recurrent expenditure of N347.039 billion and capital expenditure of N699 billion.
Ambode, who stated that the estimate of total revenue for year 2018 is N897.423 billion of which N720.123 billion will be generated internally, said the state intends to improve on its Internally-Generated Revenue (IGR) in the face of the dwindling accruable revenue allocation from the Federal Government, as well as sustain its vision on wealth creation and poverty alleviation.
He said: “A total of N148.699 billion will be sourced through deficit financing within our medium term expenditure frame-work.”
The governor, who said the budget had something for everyone: young and old, man or woman, including the physically-challenged, in line with the vision of making Lagos work for all, thanked Lagos residents and the business community for their support, as the modest achievements recorded so far by his administration had been made possible by the citizens that have been paying their taxes willingly and faithfully.
“It is expedient for me therefore to appeal to all our citizens and corporate entities to perform their civic responsibility by paying their taxes as and when due.
“The success of the proposed 2018 budget will rest on our commitment to succeed, drive to be self-sustaining and accelerate growth in both infrastructural and economic reforms through revenue enhancement, especially on fiscalisation of consumption taxes, re-enactment of Land Use Law and implementation of physical planning regulations amongst others,” he said.
He promised that the State Employment Trust Fund would disburse more funds to Lagosians to support business and stimulate the economy.
Speaker of the House, Mudashiru Obasa, who spoke after the presentation of the budget, stated that through effective oversight, the Assembly would ensure that the budget is used to stimulate the economy of the state by focusing on infrastructure development, delivering inclusive growth and prioritising the welfare of Lagosians.
He said: “Expectedly, this budget proposal marks another basic point of reference in the progressing radical transformations and change that we have been witnessing in Lagos State since the inception of this administration.”