Lagos State Governor, 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 budget 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.
Ambode at the 2018 Appropriation Bill to the State House of Assembly, "Budget of Progress and Development"consolidated on the achievements 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. This represents a Capital / Recurrent ratio of 67 per cent to 33 per cent and a 28.67 per cent increase over the 2017 budget. Banjo also listed key projects captured in the 2018 Budget to include the Pen Peninsula age flyover; alternative routes through Oke-Ira in Eti-Osa to Epe-Lekki Expressway; the 8km Regional Road to serve as an alternative route to connect Victoria Garden City (VGC) with Freedom Road in Lekki Phase I. The budget also captures the completion of the Oshodi International Airport Reconstruction Road into a 10-lane road and the BRT Lane from Oshodi to Abule-Egba. The Governor also signed two critical bills to the Consolidated Transport Sector Bill and the Lagos State Teaching Service Commission Bill. The Transportation Sector Law 2018 provides for the development and management of a sustainable transportation system in the state, as well as development, management and maintenance of transportation infrastructure and facilities within the state. The law also provides for the provision of an efficient transportation system and the availability of a safe and affordable transportation system. It is hoped that with this law, an efficient integrated transport management system will evolve into the State. The Teaching Service Commission Law 2018 provides for the control and management of teaching services in the State, and for connected purposes. The law regulates and co-ordinates the management of teaching services and provides uniform guidelines for the effective management of Post-Primary Schools in the State.
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