Wednesday, November 30, 2016 10.00pm/@webtvng
Lagos State Governor Mr Akinwunmi Ambode on Tuesday presented the 2017 appropriation bill to the State house of Assembly, for approval for the next fiscal year.
In terms of the composition, the Budget is 37% recurrent (N300bl), while the capital expenditure is 63% (N512.9bl).
The Budget according to the Lagos State Governor, is geared towards improving the infrastructure base of the state and repositioning it as a strategic African hub.
Looking at estimated revenue, Governor Ambode said Lagos will experience a remarkable improvement in Federal allocation with the 13% derivation from Oil & Gas in 2017, which will boost its Internally Generated Revenue(IGR).
On the focus for 2017, Ambode asserted that infrastructure through roads, railways and waterways, will be a key focus in achieving a connected economy for the state.
Speaking on effective financing of the major landmark projects, the Governor asserted that the Public-Private Sector partnership (PPP), will be explored in the housing, road network expansion, transport and environment.
Some of the key projects that the government will undertake in 2017, include the commencement of the Fourth mainland bridge, Phase II of the 114 local Urbanization of the Marina axis and Channelization of waterways.
He assured Lagosians that security will remain a top priority for the government, as it will sustain efforts in securing the state.
In the Healthcare sector, the Governor hinted that the Medical Health Insurance scheme will be rolled out, while the Medical park project will begin in 2017.
Considering the significant role technology is playing in shaping and transforming key sectors of the global economy, the Chief Executive of Lagos, said “With the aim of making Lagos State the next technology frontier in Africa, we will invest in Digital Libraries (e-Libraries) as well as Code Lagos projects to prepare our younger ones to meet the new workforce demands, harness the benefits of technology and communicate in the language of the future”.
Governor Ambode solicited the full cooperation and support of all Lagosians in achieving the implementation of the 2017 budget.