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Governor Akinwunmi Ambode of Lagos State has signed the N812.998bn 2017 Appropriation Bill into law, saying the money will be used to consolidate on the achievements recorded in the last 18 months and propel the state further into the path of prosperity.
The governor, who spoke on Monday at a brief ceremony to mark the event at the Lagos House, Ikeja, said the 2017 budget, christened, ‘Golden Jubilee Budget,’ was his administration’s contract with Lagosians to continue to build an all-inclusive economy.
Ambode commended the Speaker, Mudashiru Obasa, and members of the state House of Assembly for their speedy consideration and approval of the Appropriation Bill, which he presented on November 29, 2016 and was passed on January 3, 2017.
Ambode, who said his administration would implement the budget to the letter, expressed optimism that the national economy would be on the 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 N507.816bn, while Recurrent Expenditure is estimated at N305.182bn,” he said.
The governor noted that obligations of citizens like tax payments had become self-induced, adding that the government would need the cooperation of taxpayers to successfully implement the budget.
In his goodwill message, Obasa, who was represented at the event by the Chairman, House Committee on Appropriation, Rotimi Olowo, said the construction of 114 roads across the local government areas in the state within a year was first in the history of Nigeria.
“That means by 2023, just in eight years, Ambode would have done over 1,000 roads in addition to what the Ministry of Works and Public Works Corporation is doing. Another area that is unbeatable is the ‘Light up Lagos,’ which has increased the economy of Lagosians,” the Speaker said.
Earlier, the Commissioner for Finance, Mr. Akinyemi Ashade, who gave a breakdown of the budget, said it would largely be driven by Internally Generated Revenue, made up of taxes, rates and levies, among others. He added that the budget would be focused on continuous investments in security, infrastructure and social infrastructural development, among others.