Lagos: Sanwo-Olu signs N873.5bn budget

Governor Babajide Sanwo-Olu, on Monday, signed the Lagos State 2019 Appropriation Bill into law.

Sanwo-Olu signed the budget which amounts to N873,532,460,725. The budget has recurrent expenses of N393, 841, 387 (45 per cent) Capital expenses of  N479, 691, 775 (55 per cent).

The budget proposal of N852bn was submitted to the State House of Assembly on February 5, 2019 by former Governor Akinwunmi Ambode but it was increased by N21bn by the lawmakers.

Ambode had been threatened with impeachment for delaying the submission of the budget proposal.

After submission, the House deliberated on it and finally passed it on April 30, 2019.

Ambode had presented a total budget of N852.3bn to the house, explaining that there was a reduction in the projected revenue of the state, which affected the implementation of the 2018 budget estimates.

The budget presented by Ambode had ₦389.6bn as recurrent expenditure, while capital expenditure was put at ₦462.8bn, which represented a capital/recurrent ratio of 54:46.

Ambode further said the projected total revenue for 2019 is ₦775.2bn, of which ₦606.3bn is expected to be generated internally and ₦168.9bn is expected from federal transfers, while a total of ₦77.1bn will be sourced through deficit financing within the medium-term expenditure framework. Punch