Lagos State Governor, Akinwunmi Ambode, on Monday signed the N812.998bn 2017 Appropriation Bill to Law, with a promise that it would be judiciously implemented to consolidate on the modest milestones recorded in the last 18 months and propel the state to a path of prosperity.
The governor who spoke at a brief ceremony held at the Lagos House, Ikeja, said the 2017 “Golden Jubilee Budget” was his administration’s contract with Lagosians to continue to build an all-inclusive economy throughout the year.
He thanked the members of the Lagos State House of Assembly for their forthrightness and speedy consideration and approval of the appropriation bill, which he presented to the House on November 29 and was passed to Law on January 3.
He said the budget was in line with the State Development Plan 2012-2025, the Medium Term Expenditure Framework for 2017-2019, based on the state’s four pillars of development plan which are infrastructure development, economic development, social development and security as well as sustainable environment.
Ambode, while assuring that his administration would immediately hit the ground running to implement the budget, expressed optimism that the national economy would begin a path of recovery this year.
“We are encouraged by the budget performance of last year which stood at 78 per cent. Our total capital expenditure in 2017 will be N507.816bn while recurrent expenditure is estimated at N305.182bn.
“Our government is committed to prudent financial management and equitable allocation of resources for the general good and will ensure proper fiscal discipline in the implementation of this appropriation law,” Governor Ambode said.
While alluding to the fact that obligations and duties of citizens like tax payments have become noticeably better, self-induced and encouraging, Ambode sought the cooperation and understanding of all taxpayers to successfully implement the budget, saying that government would continue to strive harder to improve service-delivery in all sectors.
In his goodwill message, Speaker of the Lagos State House of Assembly, Mudashiru Obasa, said Ambode’s judicious implementation of the 2016 budget, against all odds, has gone a long way to confirm his financial expertise.
Commissioner for Finance, Akinyemi Ashade, who gave a breakdown of the budget, said a total of N507.816billion has been earmarked for capital expenditure, while N305.182billion is for recurrent expenditure making up a total expenditure of N812.998billion and an aggregate capital to recurrent ratio of 62:38.
