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Author Finally, Ambode presents 2019 budget of N852.317Bn  (Read 57 times)

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Offline graciebella

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Finally, Ambode presents 2019 budget of N852.317Bn
« on: February 06, 2019, 03:55:27 PM »
 Finally, Ambode presents 2019 budget of N852.317Bn






GOVERNOR Akinwunmi Ambode of Lagos State, yesterday, presented the much awaited proposed 2019 Appropriation Bill of N852.317 billion before members of the state House of Assembly for consideration and passage, putting to rest the face-off between the executive and the legislature  over the matter. Ambode The N852.317 billion budget was N193.683 billion less than the 2018 budget of N1.04 Trillion. There had been claims and counter claims between the two arms of government over alleged over the budget

Lawmakers led by the Speaker, Mr. Mudashiru Obasa, had threatened to impeach Governor Ambode to appear over claims that he had spent unbudgeted funds in the Appropriation Bill.

Laying the budget Laying the budget before the lawmakers, the governor stated that the budget includes a deficit financing of N77.086bn which is expected to be sourced from internal loans and other sources.

Ambode explained that the proposed budget key components were; Recurrent Expenditure at, N389.560 billion, while the Capital Expenditure was N462.757 billion, with Capital expenditure representing 54 per cent and recurrent at 46 per cent. Explaining reasons for the concentration on capital project, the governor stressed that the budget was targeted at completion of major infrastructure projects and smooth transition to the next administration.

He said: “Consequently, the 2019 Budget is projected to consolidate on the economic gains made so far by capitalising on realistic, budget friendly programmes and projects. “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 N77.086 billion 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

. “H l The overall Budget performance as at November 2018 stood at 60 percent representing N574,206 billion with actual cumulative total revenue of N530,192 billion representing 64 per cent   Capital Expenditure closed at ¦ 311,930 billion representing 49per cent and Recurrent Expenditure performed at N262,276 billion, representing 82 per cent. “We are confident that the revenues of the state will improve this year by consolidating on the already established public financial management and technology-driven revenue reforms; through data integration and use of multi-payment channels.” Obasa speaks on allegations Receiving, the budget, Speaker of the House of Assembly, Mr. Obasa appreciated the Governor for presenting the 2019 budget after series of misconceptions in public space. Obasa acknowledged the interventions and role played by some influential and concerned personalities towards ensuring peace reign in Lagos as well as the quick presentation of the budget.


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Finally, Ambode presents 2019 budget of N852.317Bn
« on: February 06, 2019, 03:55:27 PM »


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