The Lagos State Governor, Mr Akinwunmi Ambode, on Monday, signed the 2018 Appropriation Bill of the state into law with the Economic Affairs and General Public Services taking the largest chunk of the N1,046,121,181,680.00 budget.
At the signing of the budget into law, Ambode noted that the total budget size comprised of N347. 038bn to be funded from the Consolidated Revenue Fund, and N699. 082bn from the Development Fund for both capital and recurrent expenditure for the year ending 31st December, 2018.
According to the sectoral breakdown of the budget, the Economic Affairs will gulp N473,866bn, representing 45.30 per cent; General Public Services is earmarked to gulp N171,623bn, representing 16.41 per cent; Education got N126.302billion representing 12.07 per cent while the Health sector attracted N92.676billion, representing 8.86 per cent.
Tagged: “Budget of Progress and Development”, Ambode said it would be used to consolidate on the achievements recorded in infrastructure, education, transportation/traffic management, security and health sectors, among others.
The Commissioner for Economic Planning and Budget, Mr. Olusegun Banjo, who outlined the key components of the budget, said capital expenditure would gulp N699.082billion, while N347.039billion would be dedicated to recurrent expenditure, representing a Capital/Recurrent ratio of 67 per cent to 33 per cent and a 28.67 per cent increase over Year 2017 budget.
