Lagos Assembly approves N662.588bn 2016 budget

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The Lagos State House of Assembly yesterday passed into law the N662.588 billion Year 2016 Appropriation Bill presented by the State Governor, Mr. Akinwunmi Ambode on December 17, 2015.

The Appropriation Bill, tagged “The Peoples Budget,” is the highest in the history of the State and it was an improvement on the N489.69bn appropriated for year 2014 and 2015 respectively.

The House unanimously approved the budget after members deliberated on the report of House Committee on Budget which scrutinized the Bill as proposed by the Governor.

The report was presented by Chairman of the House Committee on Budget, Hon. Rotimi Olowo on behalf of members of the Committee.

Speaker of the House, Hon. Mudashiru Obasa, in response, commended members of the Committee for expeditiously working on the budget to ensure its passage before the new fiscal year.

Obasa recalled that members of the Committee worked even on holidays, adding that they had indeed shown their love for the people of the state.

Governor Ambode had, while presenting the budget, put the Recurrent Expenditure at N278,909 billion while Capital Expenditure stood at N383,678 billion, explaining that the Capital to Recurrent ratio is 58:42 as against 51:49 in 2014 and 2015.

Governor Ambode also put the total revenue estimate for 2016 fiscal year at N542.873 billion saying the balance of N119.714 billion would be funded through deficit financing constituting 0.41 percent of the state GDP based on 2016 budget alone and a cumulative debt to GDP ratio of about 3 percent.