AT LAST, AMBODE PRESENTS 2019 BUDGET OF N852.317 BILLION

AT LAST, AMBODE PRESENTS 2019 BUDGET OF N852.317 BILLION

At last, Lagos State Governor, Akinwunmi Ambode on Tuesday presented the controversial 2019 budget of N852.317 billion to the State House of Assembly for approval.

Political squabbles in the Lagos All Progressives Congress, APC, had made the governor to delay the presentation of the budget.

The Assembly has had a running battle with the the governor and threatened to impeach him, after accusing him of spending part of the 2019 budget which had not been laid before the House or passed by the lawmakers.

But the intervention of the the National leader of the APC, Asiwaju Bola Tinubu saved the day and paved the way for the governor to present the budget on Tuesday.

However, the 2019 budget is N187.68 billion lesser than that of 2018 which stood at N1.04 trillion.

The proposed budget has a Recurrent Expenditure of ₦389.560 billion and a  Capital Expenditure of ₦462.757 billion, with Capital/Recurrent Ratio of 54:46.

The government is going to borrow N77.086 billion from internal loans and other sources to  finance the deficit budget.

According to Ambode’s budget, the projected total revenue for 2019 is ₦775.231 billion, of which ₦606.291 billion is expected to be generated internally, ₦168.940 billion from Federal Transfers while a total of  ₦77.086 billion will be sourced through deficit financing within the state’s medium term expenditure framework. The breakdown of the allocations is as follows will be rendered by the Ministry of Budget and Planning and Finance subsequently.

For the first time, the governor failed to give the sectotoral breakdown of the budget, shifting it to the Ministry of Economic Planning and budget to do at a later date.

Ambode said in 2019, as was with previous budgets, Economic Affairs still dominated the sectoral allocation of the proposed budget.

“This is due to our continued focus on the completion of major on-going projects such as: Oshodi-Murtala Mohammed International Airport Road; Agege Pen Cinema Flyover; Phase II of Aradagun-Iworo -Epeme Road, Oshodi Interchange Terminal; completion of JK Randle Complex, Onikan Stadium; Imota Rice Mill; Renovation/Furnishing of Lagos Revenue House, among others in order to meet their specified deliverable outcomes without any bias or prejudice to others.

“We are confident that the revenues of the State will improve this year by consolidating on the already established public financial management and technology-driven revenue reforms; through data integration and use of multi-payment channels.

“The Year 2019 Budget has been carefully planned to accommodate all and sundry; women, youth and physically challenged, young and old. We will continue to spread development to all part of our state even as we embark on effective transition knowing fully well that the implementation, failure or success of the Budget depend on all of us,” he said.