(http://www.tundefashola.com/about/tunde/brf1.jpg)
Lagos State governor, Mr Babatunde Fashola, on Monday, presented the 2012 budget of N485.292 billion to the state House of Assembly for approval.
The proposed budget is about N35 billion (7.66 per cent) higher than that of 2011, which was put at N450.18billion. The budget comprises N227.47 billion recurrent expenditure and N257.821 billion capital expenditure.
The deficit financing requirement proposed in the budget is N59.781billion which is 1.19per cent of the state Gross Domestic Product (GDP).
The total revenue is N399.834billion and comprises ordinary revenue, N289.676billion and federal transfers of N110.158bn.
Presenting the appropriation bill, Fashola said it would be the most challenging budget to implement since he became the governor.
He said, "critically, it is the first full budget in this term of great expectation, when we must again begin to fulfil new electoral promises and meet citizens' expectations at a time of enormous economic and security challenges.
"For a start, let me assert very clearly that our purpose and commitment towards delivering the greatest good for the greatest number is not in doubt. We have a clear plan, informed by a progressive manifesto of the fastest growing political party, the Action Congress of Nigeria (ACN)."
Tribune