Lagos State Governor Akinwunmi Ambode on Monday signed the N662.588 billion year 2016 Appropriation Law and assured the people of the state that the budget would be faithfully implemented in line with the determination of his administration to make the work for all. ,
At a brief ceremony held at the Banquet Hall, Lagos House, Ikeja, Ambode said the budget was the article of faith of his administration with Lagosians in line with delivering on the promises made to the people.
“The budget will enable our government focus on the present challenges of security, traffic gridlock resolution including physical and social infrastructural developments which have thrown up new challenges quite different from our past experience”, he said.
The governor who thanked the House of Assembly for speedily ensuring passage of the bill which he presented to the House on December 17 and passed on December 31, noted that it was no mean feat considering the long hours spent and meticulous scrutiny provided by the House Committee on Appropriation.
Alluding to the fact that falling crude oil prices had sprung up economic challenges and affected federal allocations, he said the budget would be driven by Internally Generated Revenue (IGR).
He, however, urged tax payers to fulfil their civic obligations, promising that no stone would be left unturned in delivering value for every kobo spent.
“I will commend this budget to all Lagosians and enjoin them to continue collaborating with us in building the Lagos of our dreams,” he said.
Giving a breakdown of the budget, the Commissioner for Economic Planning and Budget, Mr. Akinyemi Ashade, said it would go a long way to promote massive investments in security, transport/traffic management, physical and social Infrastructural development, in addition to enhancing job creation/opportunities.
He said the 2016 budget was 26 percent higher than the budgets of 2014 and 2015 respectively, with an estimated total revenue of N542.873 billion with the balance of N119.714 billion expected to be funded through a combination of internal and external loans including the World Bank DPO 3 loan which could not be accessed in 2015.
He said the Lagos Internal Revenue Service was expected to generate N300 billion, equivalent to 78 percent of the total IGR.
“However, while the state government does not intend to introduce new taxes, efforts would be made towards bringing more citizens into the tax net especially the informal sector as well as through the adoption of an automated process to block leakages,” Ashade said.