Lagos State Governor, Mr Akinwunmi Ambode on Monday signed the 2018 Appropriation Bill of the State into law with a total budget size of N1,046,121,181,680.00.
The total budget size comprises of N347, 038, 938, 872.00 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 31st December, 2018.
The Governor also signed two critical bills into law. They are the Consolidated Transport Sector Bill and the Lagos State Teaching Service Commission Bill.
The Transport Sector Law 2018 provides for 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 regulates the provision of an efficient transport delivery system and ensures availability of a safe and affordable transportation system. It is hoped that with this law, an efficient integrated transport management system will evolve in the State.
On the other hand, the Teaching Service Commission Law 2018 provides for the control and management of teaching service matters in the State, and for connected purposes.
The law 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.
Governor Ambode, while presenting the 2018 Appropriation Bill to the State House of Assembly, had pledged that his administration would make every effort to complete all ongoing projects as well as initiate new ones to consolidate on the development recorded in the last two and half years.
He said the budget, christened as “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.
Outlining the key components of the budget, Commissioner for Economic Planning and Budget, Mr. Olusegun Banjo said capital expenditure would gulp N699.082billion, while N347.039billion would be dedicated to recurrent expenditure, representing a Capital/Recurrent ratio of 67 per cent to 33 per cent and a 28.67 per cent increase over the 2017 budget.
He also listed key projects captured in the 2018 Budget to include the Agege Pen Cinema flyover; alternative routes through Oke-Ira in Eti-Osa to Epe-Lekki Expressway; the 8km Regional Road to serve as alternative route to connect Victoria Garden City (VGC) with Freedom Road in Lekki Phase I; completion of the on-going reconstruction of Oshodi International Airport Road into a 10-lane road and the BRT Lane from Oshodi to Abule-Egba.