Finally, Governor Ambode Presents 852.316 Billion Naira Budget
After months of delay and risking impeachment, Lagos state governor Akinwunmi Ambode has finally presented the 2019 appropriation bill before the state’s legislature.
Ambode presented a budget sum of 852.316 billion naira before the Assembly, saying the budget was planned to give Lagos residents a new lease of life.
He said: “From the inception of this administration, we’ve focused on security, transport, traffic management, housing, health, wealth creation, economic, infrastructure, among others.
“However, we experienced a reduction in our revenue projections, which affected our projected performance and our desired implementation of the 2018 budget.
“The overall budget performance as of November 2018 stood at 60%, which was 574,206 billion naira, with a cumulative total revenue of 530,192 billion naira, 64%. Capital Expenditure closed at 311,930 billion naira, 49% and recurrent expenditure performed at 262,276 billion naira, 82%.”
Ambode said 462.757 billion naira representing 54% of the total budget size had been earmarked for capital expenditure, while 389.560 billion naira representing 46% had been dedicated to recurrent expenditure, saying projects such as the Oshodi-Murtala Muhammed International Airport Road and Oshodi Interchange Terminal would be completed.
Don't forget to share this story with your friends.