Fashola presents 2014 budget of N489. 6bn to Lagos Assembly

[SunNews]

By CHINELO OBOGO and Oluwole Farotimi

Lagos State Governor, Babatunde Raji Fashola, yesterday presented the Appropriation Bill of N489,689,457,092 for 2014 to the Lagos State House of Assembly.

This is a reduction from the budget for 2013, which was N497.62billion. The recurrent expenditure was put at N234.665 billion which is 48 per cent, while the capital expenditure was put at N255.025billion which is 52 per cent of the total budget. This is against 58 per cent recurrent expenditure and 42 per cent capital expenditure for year 2013. Total personnel cost/total revenue is 19 per cent, total personnel cost/IGR is 27 per cent, personnel cost as percentage of Recurrent Expenditure is 37 per cent of the budget respectively.

The sectoral allocations are, education N77.423billion (15.81 per cent), social protection N2.406billion (0.50 per cent), recreation, culture and religion N3.482billion (0.71 per cent), health N37.812billion (7.72 per cent), housing and community amenities N50.537billion (10.32 per cent), environmental protection N39.727billion (8.11 per cent), economic affairs N160.046(32.68), public order and safety N17. 977billion (3.67per cent) and general public service, N100.215billion (20.47per cent).

According to Fashola, 2013 budget performance was 61 per cent in the first quarter of the year, 83 per cent in the second quarter and 70 per cent in the third quarter and a cumulative average of 71 per cent in September.

He explained that the budget did not exceed its present performance because of the large workforce and the government's limited resources. The governor commended the tax drive, saying,  "while our tax contributions have helped to reduce our dependence on the Federal Government's monthly FAAC remittance to about 35per cent of our financial needs, that 35per cent is still critical. The recent inefficiencies that states have experienced in the process of Federal Government agencies accounting for revenues and the consequent delays in remittances owing to disputes over accounts, have affected all states in different degrees."

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