Ambode signs N812.998bn appropriation bill into law

By Olasunkanmi Adebola

 

Lagos State Governor, Mr. Akinwunmi Ambode on Monday signed the N812.998 billion 2017 Appropriation Bill into 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 but impressive ceremony, held at the Lagos House, Ikeja, said the 2017 budget, christened, “Golden Jubilee Budget”.

The Governor thanked the Speaker and members of the House of Assembly for their forthrightness and speedy consideration and approval of the Appropriation Bill, which he presented to the House on November 29, 2016 and was passed to Law on January 3, 2017.

He said the N812.998 billion 2017 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 include: 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 (2016) which stood at 78 per cent. Our total Capital Expenditure in 2017 will be N507.816 billion while Recurrent Expenditure is estimated at N305.182 billion.

“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,” 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.

“We encourage all tax payers to continue in this spirit and also take advantage of available multi-pay channels in fulfilling their civic obligations. Do not pay to touts or illegal channels. Make sure your tax payments count. We are doing everything to eliminate poor services to you,” he said.

Earlier, Commissioner for Finance, Mr. Akinyemi Ashade who gave a breakdown of the budget, said a total of N507.816 billion has been earmarked for capital expenditure, while N305.182 billion is for recurrent expenditure making up a total expenditure of N812.998 billion and an aggregate capital to recurrent ratio of 62:38.

Ashade, who is also the Commissioner overseeing the Ministry of Economic Planning and Budget, said 2017 budget which would largely be driven by Internally Generated Revenue (IGR) made up of taxes, rates, levies and others, would be focused on continuous promotion of massive investments in security, infrastructure, transport/traffic management, physical and social infrastructural development, environment, health, housing, tourism, power, e-governance, education, agriculture and skill acquisition.

While explaining the sectoral breakdown of the budget, Ashade said a total of N141.692 billion was earmarked for roads and other infrastructure, while Agriculture and Food Security got N4.795 billion with Tourism and Environment getting N20.247 billion and N24.031 billion respectively.

A further breakdown of the budget showed that Water got N20.082 billion; Housing, N50.344 billion; Health, N51.447 billion; Sports Development, N9.457 billion; Education, N92.445 billion; Commerce and Industry, N1.500 billion, Wealth and Employment Creation, N6.250 billion; Women Affairs, N2.193 billion; Youth and Social Development, N2.698 billion; Governance, N11.193 billion; Science and Technology, N11.000 billion; Security, Law and Order, N39.722 billion, while N3.800 billion was set aside for the 7.5 percent Government Share to Pension Contribution and N7.150 billion for Pension Redemption Bond Fund-Shortfall.

On Transportation, Ashade said N49.077 billion was earmarked for the Blue Rail Line, advancement of the 10-Lane Lagos-Badagry Expressway, construction of jetties and terminals especially for the Epe and Marina Shoreline Protection and procurement of ferries to improve on water transportation and encourage tourism, while also disclosing that attention would be paid to the expansion of BRT corridors in Oshodi-Abule-Egba, and other corridors.