Fashola presents N489.69bn 2014 Budget

Lagos State Governor, Mr. Babatunde Fashola, (SAN) on Wednesday presented the sum of N489.69 billion 2014 budget to the state House of Assembly for approval.

Fashola, who presented the budget before a large audience of various stakeholders, party chieftains and captains of industry amongst others, said the proposed budget shows a slight drop of about N10billion from the N499.604 2013 budget.

He said the budget has N234.665 billion as recurrent expenditure and N255.025 billion capital expenditure, which is in the capital to recurrent ratio of 52:48 as against 58:42 in the 2013 budget.

He said the budget has a Total Personnel Cost/Total Revenue of 19 per cent; Total Personnel Cost/IGR, 27 per cent and Personnel Cost as percentage of Recurrent Expenditure of 37 per cent, adding that a zero deficit financing requirement is proposed for 2014 budget.

Other breakdown in the budget are – General Public Service (N100.215 billion); Public Order and Safety (N17, 977 billion); Economic Affairs (N160.046 billion) and Environmental Protection (N39.727 billion).

Others are the sum of N50.537 billion budgeted for Housing and Community Amenities; N37.8 billion for Health; N3.482 billion for Recreation, Culture and Religion; N77.423 billion for Education and N2.466 billion for Social Protection.

“Because this is the last full year budget that my administration will implement, it represents a slight reduction in budget size when compared with the 2013 budget. Its focus will be to complete on-going projects, and consolidate on the gains we have made,” Fashola said.

Source: The Nation