Lagos Gov Ambode presents N852.13bn budget

After the resolutions of the spat between the state lawmakers, Lagos Governor Akinwunmi Ambode on Tuesday laid before the House of Assembly spending plans of 852.13 billion naira for 2019 fiscal year, amount 18.54 percent short of spending last year.

The state approved 1.046 trillion naira spending plans for last year.
Ambode attributed the shortfall in this year's budget compared with the previous year to budget performance index of the previous year's budget.

He said the performance of 2018 budget put at 1.046 trillion naira as at November 2018 stood at 60 percent owing to decline in revenue projections, while the total revenue stood at 530.192 billion naira.

“In the outgoing year, 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 at November 2018 stood at 60 per cent/N574,206billion with actual cumulative total revenue of 530.19 billion naira or 64 percent, Capital Expenditure closed at 311.93 billion naira or 49 percent and Recurrent Expenditure performed at 262,28 billion naira, representing 82 percent," Ambode told the lawmakers.

According to the governor, the projected total revenue for the Year 2019 is 775.231 billion naira, out of which 606.291 billion naira is expected to be generated internally, 168.940 billion naira expected from Federal Transfers while a total of 77.086 billion naira will be sourced through deficit financing within our medium-term expenditure framework.

This year, the governor said 462.76 billion naira, representing 54 percent of the total outlay would be spent on capital projects, while 389.56 billion naira representing 46 percent would be spent on recurrent expenditure.

Ambode said that the budget was projected to consolidate on the economic gains made so far by capitalising on realistic, budget friendly programmes and projects.

In his remarks, the Speaker of the House, Mudashiru Obasa, commended well-meaning Lagosians for ensuring peace reign supreme between the two arms of government over the impasse between the legislature and executive on the 2019 budget.
Obasa, who noted that the assembly would not delay in the passage of he budget, urged the governor never to relent in delivering dividends of democracy to the people.
The lawmakers have threated to impeach the governor for spending fund unappropriated by the House of Assembly.