The budget presented by Ambode has ₦389.560bn as recurrent expenditure, while capital expenditure was put at ₦462.757bn, which represented Capital/Recurrent Ratio of 54:46.
The Lagos State House of Assembly has passed the 2019 budget for the state, 83 days after it was presented by Akinwunmi Ambode, outgoing Governor of the state.
The lawmakers passed the increased budget on Monday. The 2019 budget is N287.68billion lesser than that of 2018, which stood at N1.04 trillion.
Ambode had presented a total budget of N852,316,936,483 to the house, explaining that there was a reduction in the projected revenue of the state, which affected the implementation of the 2018 budget estimates.
The budget presented by Ambode has ₦389.560bn as recurrent expenditure, while capital expenditure was put at ₦462.757bn, which represented Capital/Recurrent Ratio of 54:46.
Ambode further said the projected total revenue for 2019 is ₦775.231bn, of which ₦606.291billion is expected to be generated internally and ₦168.940billion is expected from Federal Transfers, while a total of ₦77.086billion will be sourced through deficit financing within the medium term expenditure framework.
At the legislative sitting on Monday, the lawmakers announced the passage of the budget, saying that the new budget stands at N873,532,460,725, which was N21,215,524,242 more than what was earlier presented.
The House passed the bill into law after Mudasiru Obasa, Speaker of the House of Assembly, conducted a voice-vote on each of the allocations for ministries, departments and agencies.
Announcing the passage, Obasa said: “That a bill for a law to authorise the issue and appropriation of N393,841,387,020 from the Consolidated Revenue Fund for recurrent expenditure and N479,691,073,705 from Development Fund for capital expenditure thereby totalling a budget size of N873,532,460,725 for the Year ending 31st December 2019 be passed into law.”