Lagos State Governor, Akinwunmi Ambode, yesterday signed the 2018 Appropriation Bill of the state into law with a total budget size of N1,046,121,181,680.00.
The total budget size comprises of N347,038, 938,872.00 to be funded from the Consolidated Revenue Fund, and N699,082,242,808.00 from the Development Fund for both capital and recurrent expenditure for the year ending 31st December, 2018.
Also, Ambode signed two critical bills into law; namely the Consolidated Transport Sector Bill and the Lagos State Teaching Service Commission Bill.
The Transport Sector Law 2018 provides for the development and management of a sustainable transport system in the State, and the development, management and maintenance of transport infrastructure and facilities within the state.
The law also regulates the provision of an efficient transport delivery system and ensures availability of a safe and affordable transportation system. It is hoped that with this law, an efficient integrated transport management system will evolve in the State.
The Teaching Service Commission Law 2018 provides for the control and management of teaching service matters in the state, and for connected purposes.
The law regulates and co-ordinates the management of teaching service matters and provides uniform guidelines for the effective management of Post-Primary Schools in the State.
Outlining the key components of the budget, Commissioner for Economic Planning and Budget, Olusegun Banjo, said capital expenditure would gulp N699.082 billion, while N347.039 billion would be dedicated to recurrent expenditure, representing a Capital/Recurrent ratio of 67 per cent to 33 per cent and a 28.67 per cent increase over Y2017 budget.
He also listed key projects captured to include the Agege Pen Cinema flyover; alternative routes through Oke-Ira in Eti-Osa to Epe-Lekki Expressway; the 8km Regional Road to serve as alternative route to connect Victoria Garden City (VGC) with Freedom Road in Lekki Phase I; completion of the on-going reconstruction of Oshodi International Airport Road into a 10-lane road and the BRT Lane from Oshodi to Abule-Egba.
There are provisions for completion of the five new Art Theatres; establishment of an Heritage Centre at the former Federal Presidential State House recently handed over to the State Government; a world class museum between the former Presidential Lodge and the State House, Marina; construction of four new stadia in Igbogbo, Epe, Badagry and Ajeromi Ifelodun (Ajegunle) and completion of the on-going Epe and Badagry Marina projects.
On Housing, there are provisions for completion of on-going projects especially those at Gbagada, Igbogbo, Iponri, Igando, Omole Phase I, Sangotedo and Ajara-Badagry under the Rent-to-Own policy, among others as part of the sectoral breakdown.