Lagos State Governor, Mr. Babatunde Fashola, (SAN) on
Wednesday presented the sum of N489.69 billion 2014 budget to the state House
of Assembly for
approval.
Fashola, who presented the budget before a large audience of
various stakeholders, party chieftains and captains of industry amongst others,
said the proposed budget shows a slight drop of about N10billion from the
N499.604 2013 budget.
He said the budget has N234.665 billion as recurrent
expenditure and N255.025 billion capital expenditure, which is in the capital
to recurrent ratio of 52:48 as against 58:42 in the 2013 budget.
He said the budget has a Total Personnel Cost/Total Revenue
of 19 per cent; Total Personnel Cost/IGR, 27 per cent and Personnel Cost as
percentage of Recurrent Expenditure of 37 per cent, adding that a zero deficit
financing requirement is proposed for 2014 budget.
Other breakdown in the budget are – General Public Service
(N100.215 billion); Public Order and Safety (N17, 977 billion); Economic
Affairs (N160.046 billion) and Environmental Protection (N39.727 billion).
Others are the sum of N50.537 billion budgeted for Housing
and Community Amenities; N37.8 billion for Health; N3.482 billion for
Recreation, Culture and Religion; N77.423 billion for Education and N2.466
billion for Social Protection.
“Because this is the last full year budget that my
administration will implement, it represents a slight reduction in budget size
when compared with the 2013 budget. Its focus will be to complete on-going
projects, and consolidate on the gains we have made,” Fashola said.
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