The Governor of Lagos State, Akinwunmi Ambode (photo), has signed the state’s 2017 Budget into law, with the assurance of ensuring fiscal discipline in its implementation.

Speaking while signing the budget at the Lagos House, Ikeja, Ambode said that the state government will continue to build an all-inclusive economy all through the year. According to Vanguard news, the governor on November 29, 2016, submitted a budget proposal of N812.998 billion to the state House of Assembly for approval. The House later passed the budget bill into law on January 3, 2017.

The budget in question has a total capital expenditure of N507, 816 billion and a recurrent expenditure of N305.182 billion. It also recorded an increase of N150.41 billion from the 2016 Budget of N662.588 billion. The Governor explained that the 2017 Budget labelled “Golden Jubilee Budget’’ was aimed at consolidating the achievements recorded in the last 18 months of his administration.

“We are optimistic of the recovery of our national economy this year. We are encouraged by the budget performance of last year (2016) which stood at 78 per cent,’’ Ambode said, urging the state residents to cooperate with the government through the payment of their taxes for a successful implementation of the budget.

The state Commissioner for Finance, Economic Planning and Budget, Akinyemi Ashade, while giving a breakdown of the budget, said that size of the budget remained N812.998 billion with total revenue estimated at N642.842 billion and a deficit financing of N170.151 billion.

Ashade added that the state anticipated an increase in federal allocation through the 13% derivation principle, which ensures that a state retains a certain percentage from oil tax revenues derived from the exploitation and extraction of natural resources in its territory. He said that the budget would largely be driven by internally generated revenues made up of taxes, rates and levies.

The budget will also encourage huge investments in security, physical and social infrastructure development, education, transport, health, and housing amongst others.

Anita Fatunji