The Lagos State governor, Babatunde Fashola on
Wednesday presented a budget of N497.277 billion to the State House of
Assembly for approval for the 2013 fiscal year.
The budget is N5.477 billion higher than the N491.8 billion budgeted for 2012.
The budget has a capital expenditure of N268.364 billion and a recurrent expenditure of N228.913 billion.
While presenting the budget, Mr Fashola said the Capital to Recurrent ratio of the budget stood at 54:46 as against 53:47 in 2012, adding that the proposed deficit financing requirement is N40.537 billion which is 0.3% of the State’s Gross Domestic Product, GDP compared to 1.19% in year 2012.
The components of the total overhead cost of N139.173 billion are: Overhead Cost, N66.992 billion; Dedication Expenditure, N21.753 billion; Subvention, N31.892 billion; Debt Charge (External), N0.609 billion; Debt Charges (Internal), N15.938 billion and Debt Charge (Bond), N1.989 billion.
The Capital Receipts of the budget is estimated at N22.912 billion made up of: Grants, N3 billion; Investment Income, N0.332 billion and other Capital Receipts, N19.580 billion.
Capital expenditure of N268.364 billion consists of: Core Capital, N237.209 billion; Capital Development (Dedicated), N19.580 billion; Grants, N3 billion; Counterpart Funding, N2.5 billion; Special Expenditure, N5 billion; Risk Retention Fund, N0.075 billion and Contingency Reserve, N1 billion.
On the sectoral breakdown, the budget shows that Economic Affairs received the lion share of N156.273 billion, followed by General Public Service, N114.076 billion; Education, N64.343 billion; Housing and Community Amenities, N46.149 billion and Health, N42.498 billion.
Others are: Public Order and Safety, N18.799 billion; Environmental Protection, N44.131 billion; Recreation, Culture and Religion, N5.749 billion; Social Protection, N3.259 billion and Contingency, N2 billion.
Mr Fashola said he regretted the Kuramo disaster which led to the loss of lives on 17 August, 2012, adding that the ocean surge also affected Goshen Beach Estate, Oniru Estate and Alpha Beach.
“Some have credited our survival to luck. I do not. I believe we must acknowledge the vision and industry of men and officers in the Ministry of the Environment and the Ministry of Waterfront Infrastructure Development, who have faithfully implemented the protection wall project at the Eko-Atlantic Beach Project which helped us resist the tragedy that might have befallen us as waves that were as high as 7 metres buffeted the coast of Lagos.
“The vigorous expansion of drainage channels across Lagos and in particular on the Lekki axis helped us to channel the water from the sea into the natural drainage that the Lagos lagoon provides, through the constructed drainage channels in a way that minimised the impact of the storm.
“Our hearts reach out to other states who have also been afflicted with flooding, and we acknowledge the receipt of N400m given to us by the Federal Government which categorized us a Category B Risk State, although we view our risk and problems differently,” he said.
On the performance of students from Lagos in WASCE, Fashola said there had been remarkable improvement, saying “we are now in the top 10 in the country for WASCE result performance. This is a huge leap from 19% average pass in 2011.
“While we are confident on improving, much work remains to be done in that sector and we are focused and committed. Our technical colleges have started producing graduates with skills that you the employers will be proud of.
“Our students are holding their own and competing successfully in quiz programmes, debates and sports and I am enthused by the work of the ministry and all our education personnel especially the teachers.”
The Lagos State governor, Babatunde Fashola presenting the 2013 Budget at the State House of Assembly.
The budget has a capital expenditure of N268.364 billion and a recurrent expenditure of N228.913 billion.
While presenting the budget, Mr Fashola said the Capital to Recurrent ratio of the budget stood at 54:46 as against 53:47 in 2012, adding that the proposed deficit financing requirement is N40.537 billion which is 0.3% of the State’s Gross Domestic Product, GDP compared to 1.19% in year 2012.
The components of the total overhead cost of N139.173 billion are: Overhead Cost, N66.992 billion; Dedication Expenditure, N21.753 billion; Subvention, N31.892 billion; Debt Charge (External), N0.609 billion; Debt Charges (Internal), N15.938 billion and Debt Charge (Bond), N1.989 billion.
The Capital Receipts of the budget is estimated at N22.912 billion made up of: Grants, N3 billion; Investment Income, N0.332 billion and other Capital Receipts, N19.580 billion.
Capital expenditure of N268.364 billion consists of: Core Capital, N237.209 billion; Capital Development (Dedicated), N19.580 billion; Grants, N3 billion; Counterpart Funding, N2.5 billion; Special Expenditure, N5 billion; Risk Retention Fund, N0.075 billion and Contingency Reserve, N1 billion.
On the sectoral breakdown, the budget shows that Economic Affairs received the lion share of N156.273 billion, followed by General Public Service, N114.076 billion; Education, N64.343 billion; Housing and Community Amenities, N46.149 billion and Health, N42.498 billion.
Others are: Public Order and Safety, N18.799 billion; Environmental Protection, N44.131 billion; Recreation, Culture and Religion, N5.749 billion; Social Protection, N3.259 billion and Contingency, N2 billion.
Mr Fashola said he regretted the Kuramo disaster which led to the loss of lives on 17 August, 2012, adding that the ocean surge also affected Goshen Beach Estate, Oniru Estate and Alpha Beach.
“Some have credited our survival to luck. I do not. I believe we must acknowledge the vision and industry of men and officers in the Ministry of the Environment and the Ministry of Waterfront Infrastructure Development, who have faithfully implemented the protection wall project at the Eko-Atlantic Beach Project which helped us resist the tragedy that might have befallen us as waves that were as high as 7 metres buffeted the coast of Lagos.
“The vigorous expansion of drainage channels across Lagos and in particular on the Lekki axis helped us to channel the water from the sea into the natural drainage that the Lagos lagoon provides, through the constructed drainage channels in a way that minimised the impact of the storm.
“Our hearts reach out to other states who have also been afflicted with flooding, and we acknowledge the receipt of N400m given to us by the Federal Government which categorized us a Category B Risk State, although we view our risk and problems differently,” he said.
On the performance of students from Lagos in WASCE, Fashola said there had been remarkable improvement, saying “we are now in the top 10 in the country for WASCE result performance. This is a huge leap from 19% average pass in 2011.
“While we are confident on improving, much work remains to be done in that sector and we are focused and committed. Our technical colleges have started producing graduates with skills that you the employers will be proud of.
“Our students are holding their own and competing successfully in quiz programmes, debates and sports and I am enthused by the work of the ministry and all our education personnel especially the teachers.”
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