Ambode signs N1.046tr 2018 budget into law, names it ‘Budget of Progress and Development’

Gov. Ambode/ Photo Credit: Premium Times

By Chiamaka Ajeamo

Lagos State Governor, Akinwunmi Ambode,  on Monday signed the 2018 Appropriation Bill with a total budget size of N1, 046,121,181,680, 00 into law as well as the Consolidated Transport sector and the Lagos State Teaching Service Commission Bills.

- Advertisement -

The budget which comprises of N347, 038, 938, 872.00 is to be funded from the Consolidated Revenue Fund and N699, 082, 242,808.00 from the Development Fund for both capital and recurrent expenditure for the year ending December 31, 2018.

According to Ambode, the budget christened: “Budget of Progress and Development,” would be used to consolidate on the achievements recorded in infrastructure, education, transportation/traffic management, security and health sectors, among others in the state.

The Transport Sector Law 2018 is aimed at the development and management of a sustainable transport system in the state, as well as development, management and maintenance of transport infrastructure and facilities within the state. The law also covers the provision of an efficient transport delivery system and ensures availability of a safe and affordable transportation system.

The Teaching Service Commission Law 2018 on the other hand, provides for the control and management of teaching service matters in the state, and for connected purposes. It regulates and co-ordinates the management of teaching service matters and provides uniform guidelines for the effective management of post-primary schools in the state.

The Commissioner for Economic Planning and Budget, Mr. Olusegun Banjo, while highlighting the major components of the budget, said capital expenditure would take N699.082 billion, while N347.039 billion would be dedicated to recurrent expenditure, representing a capital/recurrent ratio of 67 percent to 33 percent and a 28.67 percent increase over 2017 budget.

- Advertisement -

While presenting the 2018 budget to the House of Assembly, governor Ambode had pledged that his administration would endeavour to complete all ongoing projects as well as initiate new ones to consolidate on the development recorded in the last two and half years.

 

Stay in touch

To be updated with all the latest news, offers and special announcements.

Latest Posts