Gov Ambode Signs N662.5bn “People’s Budget” into Law

 

 

Lagos State Governor, Mr. Akinwunmi Ambode has signed into law the N662.558bn 2016 budget.

The budget coined “the People’s Budget” according to him, is an “article of faith with Lagosians.”

Speaking at the signing ceremony at the Banquet Hall of the Lagos House, Ikeja, Governor Ambode said that the 2016 budget “will enable our government focus on security, traffic gridlock resolution and infrastructural development which has thrown up new challenges quite different from our past experience.

“The Appropriation Law has been tailored towards the realization of our mission of delivering a Lagos that works for all in spite of age, gender, tribe or status.”

In an address delivered at the occasion, Ambode made a partial breakdown of the budget.

He said: “The total revenue estimated for 2016 fiscal year is N542.873Billion which shows that the balance of N119.714billion will be funded through deficit financing. The Capital Expenditure is N386,933bn and Recurrent Expenditure of N275,655bn with an aggregate Capital to Recurrent ratio  of 58:42.”

He appealed to all tax paying Lagosians “to fulfil their civic obligations as we promise to leave no stone unturned in delivering value for every Kobo spent.

“We recognize that this period is very challenging, considering the dwindling Federal Allocations due to falling crude oil prices. However, ours is a budget that will be driven by Internally Generated Revenue”.

Governor Ambode made a special note to recognize “Honourable Members of the Lagos State House of Assembly under the dynamic leadership of our Speaker, Rt. Hon. Mudashiru Ajayi Obasa” for their “expeditious attention given to the passage of this Bill into Law. This is no mean feat considering the long hours spent and meticulous scrutiny provided on this Budget by the House Committee on Appropriation.

“In conclusion, I will commend this Budget to all Lagosians and enjoin them to continue collaborating with us in building the Lagos of our dreams.”

Also, in a series of tweets after the signing, Ambode expressed excitement at the road ahead and promised to bring value to every Kobo spent by Lagosians.