Recession: Lagos Proposes N813 Billion For 2017 Budget

The Lagos state government has proposed the sum of N813 billion for the 2017 budget, hence increasing the appropriation bill by N150 billion compared to the 2016 proposal.
Giving the key
components of the budget to the Lagos state house of assembly, Governor Akinwunmi Ambode said recurrent expenditure would gulp
N300. 535 billion while N512.464 billion would be dedicated to capital
expenditure, representing a capital/recurrent ratio of 63 percent to 37
On the revenue
expected from federal allocation, the governor said a conservative
approach was taken owing to the falling oil prices, which according to
him, was about $41.98per barrel at the time of concluding the budget.
however, expressed optimism that the state would get an increase in
federal allocation through the 13 percent derivation from Oil and Gas in
Giving a sectoral
breakdown of the 2017 budget estimates,  Commissioner
for Finance, Akinyemi Ashade, said the governor earmarked N205.85 billion for general
public services representing 25.32 percent of the budget, N36.43 billion
to Public Order and Safety, representing 4.48 percent, while Economic
Affairs received a lion share of N295.84 billion representing 36.39
In other sectors, the commissioner said Environment got
N56.31 billion, representing 6.93 percent, health got N57.29 billion
representing 7.05 percent, while education got N92.4 billion
representing 11.37 percent of the budget.
The commissioner also
said the budget would be funded from a total revenue estimate of
N642.849billion while the balance of N170.150billion would be funded
through a N100bn Bond Issuance programme and a combination of internal
and external loans.
Source: The Cable 

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