Friday, 1 November 2013

Fashola Presents 489.690 Billion Budget Estimate For 2014

Lagos State Governor, Mr. Babatunde Fashola (SAN), Wednesday presented to the State House of Assembly for approval a total Budget Estimate of N489. 690 billion for the 2014 financial year saying the focus would be to complete on-going projects and consolidate on the gains of the past budgets.
The amount, which is about N7.587 billion short of the 2013 Estimate, as is traditional with the Governor Fashola administration, prioritizes Capital over Recurrent Expenditure with Economic Affairs, General Public Service and Education taking the lion share.
According to details of the Budget presented in the Chambers of the new House of Assembly, Capital Expenditure took N255.025 billion while Recurrent Expenditure got N234.665 which represents a Capital to Recurrent Expenditure ratio of 52:48 as against 58:42 ratio for 2013.
In sectoral allocation, according to the Budget details, Economic Affairs got the lion share with N160,046,436,169 or 32.68 percent followed by General Public Service which got N100,215,966,990 or 20.47 percent while Education with N77,423,827,872, representing 15.81percent of the Budget Estimate, came third.
Other sectors of the economy that got priorities include Housing and Community Amenities N50,537,201,984 billion or 10.32 percent, Environmental  Protection N39,727,711,248 or 8.11 percent, Health N37,812,553,057 or  7.72 percent, Public Order & Safety N17,977,368,027 or 3.67 percent, Recreation, Culture & Religion N3,482,081,806 or 0.71 and Social Protection which brought up the rear with N2,466,309,939 representing 0.50 percent of the Budget.

Governor Fashola said the amount allocated to Economic Affairs would be deployed towards the implementation of various IPP projects, development of Enterprise Zone in Gberigbe, Ikorodu and Upgrading of Yaba Industrial Park as well as advancement of the 10-Lane Lagos-Badagry Expressway / Blue Rail Line Corridor, completion of other on-going Road Construction Projects and pedestrian bridges and implementation of the Agric-YES, Accelerated Food Expansion Program: Rice, Animal Husbandry, Root and Cash Crops
For General Public Service, the Governor said  the allocation would go for settlement of Pensions, implementation of the on-going Residents Registration exercise and issuance of permanent residents’ card and the implementation of Public Procedure Law while allocation to Education will be utilized to improve Science and ICT facilities in Public Schools as well as pursue improvement of Science and continuous rehabilitation/upgrading of Public School buildings and facilities.
 The N50,537,201,984 billion allocated to Housing and Community  Amenities would be deployed towards implementation of the Lagos Home Ownership Mortgage Scheme (H.O.M.S), rehabilitation of small scale rural water schemes /implementation of rural electrification projects, provision of rural roads, electronic Certificate of Occupancy project and upgrading of slum areas, the Governor said.

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