• Govt begins removal of Pen Cinema structures
By Moshood Adebayo and Chinelo Obogo
Lagos State Governor, Akinwunmi Ambode, has presented estimates of a N1.04 trillion Appropriation Bill for the 2018 fiscal year to the state House of Assembly.
The bill, christened ‘Budget of progress and development,’ is about N234 billion more than this year’s budget of N812.99 8 billion.
Ambode said the new budget will be used to consolidate on infrastructure, education, transportation/traffic management, security and health.
The proposed budget represents an increase of 28.67 percent over the 2017 budget and has recurrent expenditure of N347.039 billion, capital expenditure of N699.082 billion, with capital/recurrent ratio of 67:33 as key components.
Estimated total revenue for 2018 is N897.423 billion, of which N720.123 billion will be generated internally.
The governor also said N148.699 billion will be sourced through deficit financing, within the state’s Medium Term Expenditure Framework.
On his part, Speaker Mudashiru Obasa said the Eighth Assembly is fully in support of restructuring and devolution of power in Nigeria.
He also commended the robust relationship between the legislative and the executive in the state.
Obasa acknowledged Ambode’s magnanimity and wisdom in handling issues related to the recent local government appointments. He also praised Asiwaju Bola Ahmed Tinubu for his fatherly role in ensuring peace and tranquillity in the ruling All Progressives Congress.
Meanwhile, Ambode disclosed, yesterday, that the state’s debt profile is N874.38 billion, which represents about three percent of the state’s Gross Domestic Product.
He disclosed this through the Commissioner, Ministry, of Economic Planning and Budget, Akinyemi Ashade The governor said his administration inherited external loans of N468.471 billion which were contracted at an average of N100 to $ US1.
He added that the balance was made up of some loans that have been running since 1989.
In a related development, the state government has begun the removal of structures on the right of way to pave way for the ongoing construction of the Pen Cinema flyover in Agege local government area as well as other major network of roads in the State.
A statement by the Commissioner for Physical Planning and Urban Development, Abiola Anifowoshe, said government had, in recent time, held stakeholders’ meetings with owners of properties that needed to give way for the construction of the projects, and had given assurances of adequate compensation.