Lagos Presents N813bn Budget for 2017... biggest ever state budget in Nigeria

Lagos State governor Akinwunmi Ambode on Tuesday presented the 2017 budget proposal of N813 billion to the House of Assembly, assuring that the budget would be judiciously implemented to continue the infrastructural renewal and the enhancement of Lagos as one of the foremost tourism and investment destination in Africa.

Ambode, who tagged the budget “The Golden Jubilee Budget” as it coincides with the State’s 50th Anniversary, said it would focus on physical infrastructure, while social sectors especially health, education, youth and social development would get adequate attention. His words:

“In the course of the 2017 Financial Year, we shall carry out fundamental reforms on all our modes of transportation – Roads, Water and the Walkways. In this wise, a Public Transport Infrastructure Bond will be issued in the course of the year.

“The State Government will embark on the Urbanisation of the Marina axis, Waterways Channelization, establishment of more Parks and Gardens as well as the Community Sports Centres and Stadiums in different locations across the State.”

Giving the key components of the budget, Governor Ambode said recurrent expenditure would take N300.535 billion while N512.464 billion would be dedicated to capital expenditure, representing a Capital/Recurrent ratio of 63 percent capital to 37 percent recurrent.

The governor said road construction, rehabilitation and maintenance would be one of the key focuses of the budget, adding that efforts would be geared towards roads that will open up the hinterlands, improve connectivity in the State and reduce travel time.

The 2017 budget saw an increase by N150 billion from the 2016 budget.

The budget is the biggest for any Nigerian state ever.