Lagos State Governor, Akinwunmi Ambode on Tuesday presented the year
2019 budget proposal of N852.316billion to the House of Assembly, with a
pledge that it had been carefully prepared to be all-encompassing and
dedicated to complete major ongoing projects in the State.
The Governor said N462.757billion representing 54 percent of the
total budget size had been earmarked for capital expenditure, while
N389.560billion representing 46 percent had been dedicated to recurrent
expenditure, saying that key projects such as the Oshodi-Murtala
Mohammed International Airport Road and Oshodi Interchange Terminal,
among others would be completed.
He said from inception of his administration, nine key areas were
given priority after careful assessment of the needs of the citizens,
adding that such had informed the massive investment in the said sectors
which he listed to include security, transport / traffic management,
economy -including tourism and agriculture, housing, education, health,
infrastructure – social and physical, water, wealth creation – skill
acquisition/microfinance, e-Governance and enhanced capacity building,
sustainable environment and smart city projects.
Giving details of what informed the budget size, Governor Ambode said
the performance of Y2018 budget of N1.046trn as at November 2018 stood
at 60 percent owing to reduction in revenue projections, while the total
revenue stood at N530.192billion.
According to him, “In the outgoing year, however, we experienced a
reduction in our revenue projections, which affected our projected
performance and our desired implementation of the Y2018 Budget. The
overall Budget performance as at November 2018 stood at 60 per
cent/N574,206billion with actual cumulative total revenue of
N530,192billion/64 per cent, Capital Expenditure closed at
N311,930billion/49 per cent and Recurrent Expenditure performed at
N262,276billion/82 per cent.“In preparing the Year 2019 Budget, therefore, we were very mindful
of the out-going year performance, the yearnings of our people and the
fact that we are going into an election year. Consequently, we are today
presenting a Budget that will be all-encompassing, reflect the level of
resources that will be available and with special consideration to the
completion of major on-going projects in the State.”
While outlining the key components of the Y2019 budget and the
sectoral allocations, the Governor said with priority given to
completion of major infrastructure projects and smooth transition to the
next administration, the government was proposing a total budget size
of ‘N852,316,936,483,’ including a deficit financing of N77.086billion
which is expected to be sourced from internal loans and other sources.
He added: “The projected total revenue for Year 2019 is
?775.231billion, of which ?606.291billion is expected to be generated
internally,?168.940billion is expected from Federal Transfers while a
total of ?77.086billion will be sourced through deficit financing within
our medium term expenditure framework.
“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.”
Expressing optimism that the revenues of the State would improve in
2019, Governor Ambode said the government had begun consolidating on the
already established public financial management and technology-driven
revenue reforms through data integration and use of multi-payment
channels, just as he said that every strata of the society would benefit
from the budget.
“The Year 2019 Budget has been carefully planned to accommodate all
and sundry; women, youth and physically challenged, young and old. We
will continue to spread development to all part of our state even as we
embark on effective transition knowing fully well that the
implementation, failure or success of the Budget depend on all of us,”
he said.
Governor Ambode commended the Speaker and members of the Assembly for
the support accorded his administration in the last three and half
years, while also acknowledging the role of Royal Fathers, Religious
leaders, members of the Business Community, Professional Bodies,
Development Partners, Non-Governmental Organisations, public servants
and all residents as well as members of the fourth estate of the realm
for their various support and contribution during the lifespan of his
administration.
In his remarks, Speaker of the House, Rt. Hon Mudashiru Obasa
expressed optimism that the budget would be of great benefit to the
people of the State, just as he assured that the House would work with
the executive to pass the budget.
