Akinwunmi Ambode of Lagos State on Monday signed the 2018 Appropriation Bill of N1.046 trillion into law.
The Commissioner for Finance, Mr Akinyemi Ashade, briefed newsmen shortly after the signing.
Ashade said that the focus of ‘Budget of Development and Progress’ would be to complete all ongoing projects.
Ashade put the projection for the internally generated revenue (IGR) and federal receipt at N897 billion, while the remaining part of the budget would be funded by deficit financing.
“Today is a good day in our state; the governor has just signed the 2018 Appropriation Bill into law.
“For the first time, the law has about N1.046 trillion as the total amount that we will spend in 2018.
“The Budget is tagged “Budget of Progress and Development”.
“We have 63 per cent for capital expenditure and 37 per cent for recurrent expenditure; and that shows that we are really big on infrastructural renewal.
“In terms of revenue, we are expecting N897 billion from both the state and federal receipts; so the rest will be funded through budget deficit financing,” Ashade said.
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