Lagos: 2017 budget will be IGR- driven, says Finance commissiomer
Lagos state Commissioner for Finance, Mr. Akinyemi Ashade, has given a breakdown of the N812.998bn 2017 Appropriation Bill, which was signed into law by Governor Akinwunmi Ambode on Monday.
The breakdown came on the heels of the signing into law the 2017 appropriation bill as he addressed journalists in Alausa, Ikeja.
According to Ashade who is also the Commissioner overseeing the Ministry of Economic Planning and Budget, the 2017 budget, which would largely be driven by Internally Generated Revenue (IGR) made up of taxes, rates, levies and others, would be focused on continuous promotion of massive investments in security, infrastructure, transport/traffic management, physical and social infrastructural development, environment, health, housing, tourism, power, e-governance, education, agriculture and skill acquisition.
He said a total of N507.816 billion had been earmarked for capital expenditure, while N305.182billion is allocated to recurrent expenditure making up a total expenditure of N812.998billion and an aggregate capital to recurrent ratio of 62:38.
While explaining the sectoral breakdown of the budget, Ashade said a total of N141.692billion was earmarked for roads and other infrastructure, while Agriculture and Food Security got N4.795billion with Tourism and Environment getting N20.247billion and N24.031billion respectively.
A further breakdown of the budget showed that Water got N20.082billion; Housing, N50.344billion; Health, N51.447billion; Sports Development, N9.457billion; Education, N92.445billion; Commerce and Industry, N1.500billion, Wealth and Employment Creation, N6.250billion; Women Affairs, N2.193billion; Youth and Social Development, N2.698billion; Governance, N11.193billion; Science and Technology, N11.000billion; Security, Law and Order, N39.722billion, while N3.800billion was set aside for the 7.5 percent Government Share to Pension Contribution and N7.150billion for Pension Redemption Bond Fund-Shortfall.
On Transportation, Ashade said N49.077billion was earmarked for the Blue Rail Line, advancement of the 10-Lane Lagos-Badagry Expressway, construction of jetties and terminals especially for the Epe and Marina Shoreline Protection and procurement of ferries to improve on water transportation and encourage tourism, while also disclosing that attention would be paid to the expansion of BRT corridors in Oshodi-Abule-Egba, and other corridors.
