Lagos proposes N497.2bn budget for 2013

Lagos State Government says it plans to spend N497.2bn for the 2013 fiscal year.

Governor Babatunde Fashola, who made the budget proposal presentation at the chambers of the state House of Assembly on Wednesday, said it was higher by 1.08 per cent over that of 2012, which was N485.3bn.

According to the governor, a breakdown the proposed budget shows a capital expenditure of N268.364bn, which is 54 per cent; and a recurrent expenditure of N228.913bn that is 46 per cent of the total budget.

Fashola said, “The proposed deficit financing requirement is N40.537bn, which is 0.3 per cent of the state’s Gross Domestic Product compared to 1.19 per cent in 2012.”

The details of the sector allocations of the budget are economic affairs, N156.273bn (31.43 per cent); general public service, N114.076bn (22.94 per cent); public order and safety, N18.799bn (3.78 per cent); environment, N44.131bn (8.87 per cent); housing and community amenities, N46.149bn (9.28 per cent).

Others are health, N42.498bn (8.55 per cent); recreation, culture and religion, N5.749bn (1.16 per cent); education, N64.343bn (12.94 per cent); social protection, N3.259bn (0.66 per cent); contingency, N2.000bn (0.44 per cent).

Fashola also said, “The components of the total overhead cost of N139.173bn are as follows: overhead cost, N66.992bn; dedication expenditure, N21.753bn; subvention, N31.892bn; External debt, N0.609bn; internal debt charges, N15.938bn; bond debt charge, N1.989bn.

“Capital receipts of the 2013 budget is estimated at N22.912bn and the capital expenditure is estimated at N268.364bn.”

The Speaker, Adeyemi Ikuforiji, urged the governor to tackle the menace of deplorable roads and youth unemployment.

He said, “The dividends of democracy should translate to good roads for the citizens”, adding that the Assembly would go “over the budget with an eagle eye.”