Lagos Nets N67.8bn In 3 Months

Lagos State Government says it has generated N67.8billion out of the N405billion it budgeted for the first three months of this year. This it says, represents 67 per cent performance.

Commissioners for Economic Planning and Budget, Mr Ben Akabueze stated this at stakeholders forum organised to prepared for the 2010 budget.

According to Akabueze, between January and March, 2009 N67.8billion was realised out of the budgeted amount.

‘This falls short of 90 per cent target the administration set for the budget implementation, we had a recurrent surplus of N26.746billion of 83 per cent. The result is symptomatic of the slow start to every budget cycle, expected to significantly improve in subsequent quarters”, he said.

The commissioner said that the revenue generation efforts of the state yielded fruit at 83 per cent, with N17billion increase over last year’s budget while the internally generated revenue (IGR) is the largest contributor with N42.3billion.

On the 2010 budget projection , Akabueze said the size of the budget might not be radically different from this year’s while the economic policy thrust would remain the same.

‘The budget focus will be consistent with the avowed commitment to transform Lagos in line with its model mega city vision, he said.

According to the commissioner, the 2010 budget would focus on roads and transportation , environment, health, education, water, rural/revenue development, law and order and agriculture.

The budget, he said would be financed through borrowing, as the state was ready to adopt a deficit budget, adding that there was nothing wrong with borrowing money to finance a budget.

He said the objective of the budget will be to consolidate on the achievements of the past years, deepen its committee to the process of participatory governance, completion of on-going projects, expansion of the scope of infrastructure renewal and incorporation of the resolution of the stakeholders consultative forum.