Governor Ambode Signs Year 2016 Appropriation Bill into Law

He said the Lagos Internal Revenue Service is expected to generate N300billion equivalent to 78 percent of the total IGR, however adding that while the state government does not intend to introduce new taxes, efforts will be made towards bringing more citizens into the tax net especially the informal sector as well as through the adoption of an automated process to block leakages.

According to Ashade, the year's budget was carefully prepared taking into consideration recent developments in the Global and National Economy Spheres, adding that although the State Government adopted the National Crude Oil projection of $38 per barrel, the budget will be largely driven by IGR made up of taxes, rates and levies.

He said the underlying principles of the budget include planned and systematic maintenance of existing/new infrastructural facilities, completion of ongoing projects, payment of outstanding liabilities, sustenance of the goals of job creation, poverty eradication and wealth creation in addition to efficient service delivery to Lagosians.

Giving a breakdown of the expenditure plan, Ashade said N89billion will be spent on construction, rehabilitation and maintenance of roads and public buildings, while N48.9billion will be expended on various Transportation initiatives including the completion of the Blue Rail Line and expansion of BRT Corridors (Mile 12-Ojota).

The Commissioner also said that N86billion will be spent on the education sector, which according to him, will cover the state government flagship programmes including A-Meal-a-Day initiative to be partly sponsored by the Federal Government, Ibile tablets for Secondary Schools as well as the development of the E-Curriculum initiative.

He gave the expenditure breakdown of other sectors to include, Health (N46.9bn) Agriculture and Food Security (N2bn), Tourism (N2.2bn), Commerce and Industry (N6.2bn), Environment (N27bn), Pensions (N6.5bn), Science and Technology (N9.6bn), Water (N17.6bn), Housing (N25.3bn), Sports Development (N2.3billion), among others.