Governor Akinwunmi Ambode of Lagos State has presented a total budget estimate of N812.998 billion for 2017 to the State House of Assembly for consideration and approval.
In the budget tagged “Golden Jubilee Budget”, Mr Ambode stated that it would promote massive investment in security, transport, road construction, physical and social infrastructural development.
The Capital expenditure stands at N512.99billion while recurrent expenditure is N300billion, a ratio of 63-37 per cent.
“The People’s Budget of 2016 has positively impacted the lives of Lagosians. I am confident that the Year 2017 budget will consolidate on our modest achievements and propel our state to enviable heights.”
“The Year 2017 budget will be at an auspicious time when our state will be celebrating its Golden Jubilee Anniversary. The proposed budget is with the size of N812, 998 billion,” the governor said.
He added: “While we focus on physical infrastructures, we shall continue to pay due attention to social infrastructures, especially health, education, youths and social development in 2017.”
The governor also stated that the State expects an increase in Federal allocation through 13% derivation from Oil and Gas in 2017 which will further boost the revenue profile of the state.
“In view of our financing gap, we shall continue to sustain deficit financing in the short-to-medium term; enhance revenue growth throughout the year on several initiatives including automation and efficient revenue administration.
“We would explore more collaboration with local and international investors through Public-Private Partnerships (PPP) especially in the areas of Road network expansion, Transport; Housing, and the Environment”, he said.
Governor Ambode assured that in 2017 his administration will “remain steadfast in our responsibility to make the State safe and secure for all our citizens. We will continue to invest in Security. The Neighbourhood Safety Agency will become fully operational by 2017 with presence in all our Local Governments and LCDAs.”