After back and forth arguments between the executive and legislative arms of the Lagos State government, the state governor, Akinwunmi Ambode, on Tuesday finally presented a 2019 budget estimate of N852,316,936,483 to the House of Assembly.
The budget presentation, most delayed in Lagos State in nearly two decades, consists of N462.757 billion capital expenditure and N389.560 billion recurrent expenditure components, representing 54/46 percent capital/recurrent ratio.
The projected total revenue for the fiscal year, according to Ambode, is N775.231 billion, of which N606.291 billion is expected to be generated internally. Also, N168.940 billion is expected from federal transfers, while a total of N77.086 billion is to be sourced through deficit financing with the state’s medium term expenditure framework.
More details coming….
