Ambode Presents N1.046trn 2018 Budget Proposal

Governor Akinwunmi Ambode of Lagos State has presented the 2018 budget proposal of N1.046 trillion to the state House of Assembly.
The budget, tagged: “Budget of Progress and Development” represents a 28.67 per cent increase over the 2017 budget of N812 billion.
The Tide source reports that the 2018 budget has a Capital Expenditure of N699 billion and a Recurrent Expenditure of N347billion.
The capital to recurrent ratio of the budget stood at 67:33.
“The budget will be used to consolidate on infrastructure, education, transportation/traffic management, security and health, with an added emphasis on mandatory capacity building for civil servants, all teachers in public secondary/primary schools, officers in the health service sector and women and youth empowerment,” Ambode said.
He said that the estimate of total revenue for year 2018 was N897.423billion, of which N720.123billion would be generated internally.
According to him,a total of N148.699billion will be sourced through deficit financing within the state’s medium term expenditure framework.
He said that in 2018, economic affairs would continue to dominate and get the largest allocation of the budget, adding that there was a lot to be achieved in the coming year.
According to Ambode, as at November 2017, the 11-month period revenue performed at N448.396 billion at 76 per cent compared to full year’s performances in 2016 of N449.609 billion at 83 per cent and N399.382 billion at 82 per cent for 2015.
“Suffice it to say that the overall budget performance stood at 74 per cent as at November 2017 and it is projected to close at 80 per cent by the end of the year 2017.