The governor spoke yesterday when he signed the N662.588 billion Appropriation Bill into law.
Ambode promised that the budget would be judiciously implemented – in line with his administration’s determination to make Lagos work for all.
The Appropriation Bill, presented to the House of Assembly on December 17, was unanimously passed into law by the House on December 31.
Speaking at the ceremony at the Banquet Hall, Lagos House, Ikeja, the governor said: “This budget will enable our government focus on the present challenges of security, traffic gridlock resolution, physical and social infrastructural development, which have thrown up new challenges quite different from our past experience.”
He thanked the House for the speedy passage of the bill, considering the long hours spent and meticulous scrutiny provided by the Committee on Appropriation.
Ambode said the budget would be driven by Internally Generated Revenue (IGR).
He, however, appealed to tax payers to promptly pay their taxes.
The governor assured that his administration would deliver value for every kobo spent.
“In conclusion, I will commend this budget to all Lagosians and enjoin them to continue collaborating with us in building the Lagos of our dreams,” the governor said.
Giving a breakdown of “The Peoples Budget”, Commissioner for Economic Planning and Budget Akinyemi Ashade said it would go a long way to promote massive investments in security, transport/traffic management, physical and social infrastructural development, in addition to enhancing job creation/opportunities.
He said the budget ,with an estimated total revenue of N542.873billion and the balance of N119.714 billion, is expected to be funded through a combination of internal and external loans, including the World Bank DPO 3 loan, which could not be accessed last year.
The State Internal Revenue Service is expected to generate N300billion or 78 per cent of the total IGR.
The commissioner added that while the government does not intend to introduce new taxes, efforts will be made to bring more citizens into the tax regime.
Giving a breakdown of the expenditure plan, Ashade said N89billion will be spent on construction, rehabilitation and maintenance of roads and public buildings; and N48.9billion will be expended on various transportation initiatives, including the completion of the Blue Rail Line and expansion of BRT Corridors (Mile 12-Ojota).
The commissioner added that N86billion will be spent on education, which, according to him, will cover the government’s flagship programmes, including A-Meal-a-Day initiative to be partly sponsored by the Federal Government, Ibile tablets for secondary schools as well as the development of the e-curriculum initiative.
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