Ambode Signs Record Breaking N1.046trn 2018 Budget into Law, Targets N897bn IGR
Lagos State Governor, Akinwunmi Ambode, has signed the State’s Year 2018 Appropriation Bill into law.
Christened “Budget of Progress and Development,” the ambitious financial instrument has a total budget size of N1,046,121,181,680.00.
According to the document, 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 Year 2017 budget.
While Lagos State is expecting a total of N897 billion revenue both from the State and Federal receipts, the rest of the financial obligations would be funded through budget deficit financing.
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.