Lagos State governor, Mr Babatunde Fashola, on Monday, presented the 2012 budget of N485.292 billion to the state House of Assembly for approval.The proposed budget is about N35 billion (7.66 per cent) higher than that of 2011, which was put at N450.18billion. The budget comprises N227.47 billion recurrent expenditure and N257.821 billion capital expenditure.The deficit financing requirement proposed in the budget is N59.781billion which is 1.19per cent of the state Gross Domestic Product (GDP).The total revenue is N399.834billion and comprises ordinary revenue, N289.676billion and federal transfers of N110.158bn.The components of the total overhead costs of N145.960billion are: Overhead cost, N79.797billion; Dedication Expenditure, N25.595billion; Subvention, N28.668billion; Staff Housing Fund, N0.050 billion; Debt Charge (External), N1.050 billion; Debt Charges (Internal), N6.958 billion and Debt Charge (Bond), N3.842billion.Capital Receipts for 2012 budget is put at N25.677billion and is made up of: Grants, N3.468billion; Investment Income, N0.289billion and Other Capital Receipts, N21.920billion.The capital expenditure of N257.821billion consists of: Core Capital, N222.868billion; Capital Development (Dedicated), N21.920billion; Grants, N3.468billion; Counterpart Funding, N3.465billion; Special Expenditure, 6.000 billion and Risk Retention Fund, N0.100 billion.The sectoral allocation of the budget in size and percentage are: General Public Service, N108.526billion (22.4per cent); Public Order and Safety, N13.849billion (2.9per cent); Economic Affairs, N154.419billion (31.8per cent); Environmental Protection, N44.227 (9.1per cent); Housing and Community Amenities, N42.812billion (8.8per cent); Health, N39.754billion (8.2per cent); Recreation, Culture and Religion, N5.989billion (1.2per cent); Education,N72.346billion (14.9per cent) and Social Protection, N3.370billion (0.7per cent).Presenting the appropriation bill, Fashola said it would be the most challenging budget to implement since he became the governor.He said, "critically, it is the first full budget in this term of great expectation, when we must again begin to fulfil new electoral promises and meet citizens' expectations at a time of enormous economic and security challenges.'For a start, let me assert very clearly that our purpose and commitment towards delivering the greatest good for the greatest number is not in doubt. We have a clear plan, informed by a progressive manifesto of the fastest growing political party, the Action Congress of Nigeria (ACN).'In his speech, the Speaker of the Lagos State House of Assembly, Honourable Adeyemi Ikuforiji, advised the governor on effective management of public finances which he described as paramount to good governance.According to Ikuforiji, fiscal consolidation or bringing down budget deficit to a reasonable level is vital to avoid inflation.Among those present on the occasion the were members of the state Traditional Council led by Oba Akiolu of Lagos.
Click here to read full news..
