Lagos State governor, Mr. 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.
The Governor also signed two critical bills into law. They are 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, as well as 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.
On the other hand, 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.
Speaking shortly after the signing of the appropriation bill into law, the state’s Commissioner for Finance, Mr. Akinyemi Ashade put the projection for revenue (IGR) at N897billion, saying the remaining part of the budget would be funded by deficit financing.
“Today is a good day in our State, the Governor just signed the 2018 Appropriation Law. For the first time the Law has about N1.046trillion as total amount that we would spend in 2018.
“The Budget is tagged “Budget of Progress and Development” and in terms of capital and recurrent expenditure, we have 63 per cent Capital and 37 per cent Recurrent and that shows that we are really big on infrastructural renewal.
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