Lagos state governor signs budget into law

Akinwunmi Ambode, Governor of Lagos state

Governor of Lagos State, Akinwunmi Ambode, has signed the 2016 budget into law which has been tagged “The People’s Budget”.

The governor said the 2016 budget will enable the government focus on security, traffic gridlock resolution and infrastructural development. The budget is valued at N662.588 billion while the total revenue estimated for the fiscal year is N542.873 billion. The budget deficit of N119.714 billion will be financed by “deficit funding”.

The capital and recurrent expenditure is valued at N386.933 billion and N275.655 billion respectively. He went on to add that the government understood that things were difficult due to falling crude oil prices but that the budget would be funded by internally generally funds. He appealed to all Tax Payers to fulfill their civic obligations and enjoined everyone to assist the government in building a better Lagos.