Lagos State Governor, Akinwunmi Ambode today signed the 2016 budget of N662.588 billion into law. The budget according to the governor would enable government focus on present challenges of security, traffic gridlock, empowerment, among others. That’s the Governor’s summary of the budget, for the sake of you our readers, INFORMATION NIGERIA highlighted the 7 things everyone should know about the budget…
– The budget would be financed mostly through Internally Generated Revenue.
– The Recurrent Expenditure stood at N278,909 billion while Capital Expenditure stood at N383,678bn.
– The total revenue estimate for 2016 fiscal year stood at N542.873Billion.
– The balance of N119.714billion 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.
– N120.508 billion was earmarked for General Public Services representing 18.19 per cent, N28,559,021,841 to Public Order and Safety, representing 4.31 per cent, while a large share of N211,043,408,183 went to Economic Affairs representing 31.85 per cent.
– N53,043,599,505 went to Environment that is 8.1 percent of the budget, Housing and Community Amenities, got N62,713,091,867 representing 9.46 percent; Health got N64,677,679,096 representing 9.76 per cent; while Recreation, Culture and Religion got N4,636,917,054 which is 0.70 percent of the budget.
– N113,379,337,664 went to Education, representing 17.11 percent of the budget, while Social Protection got N4,025,980,116, which is 0.61 of the budget.
What do you think???