Governor Babatunde Fashola of Lagos State, yesterday, presented a budget proposal of N497.277 billion for the 2013 fiscal year to the state House of Assembly.

The budget represents a slight increase of 1.08 per cent over that of 2012 which was N485.3 billion.

Fashola assured that his administration would focus more on the life threatening environmental risks and security challenges in the state.

A summary of the budget shows that: recurrent expenditure gulps N228.913bn, capital expenditure takes N268.364bn, capital receipts, N22.912bn while the component of the total overhead costs is N139.173bn.

According to the budget proposal, the capital to recurrent ratio will be 54:46 for 2013 as against 53:47 in 2012.

Sectoral allocation provided in the budget includes: General Public Service, N114.076bn (22.94 per cent); Public Order and Safety,N18.799 -(3.78 per cent); Economic Affairs N156.273 (31.43per cent); Environmental Protection, N44.131bn (8.87 per cent); Housing and Community Amenities-N46.149bn (9.28 per cent ); 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 (0.66per cent); Contingency N2.000bn(.44 per cent).

Presenting the budget at a well attended event, Fashola promised that his administration would intensify efforts at improving education, health and power sectors, adding that attention would also be given to roads, water and rural development.

He stressed that despite the numerous challenges confronting the state, the budget will seek to promote cooperation with the local and Federal Government on road rehabilitation and power sector reforms.

“At the end of the 3rd Quarter Budget presentation, we achieved an aggregate budget implementation performance of 72 per cent for the period January to September 2012.”

In his response, Speaker, Lagos State House of Assembly, Mr. Adeyemi Ikuforiji, on behalf of members, said the house would responsibly accord the budget proposal prompt and comprehensive attention and would scrutinise it with eagle eyes.

The Speaker, who noted that the presentation of the budget is significant because the lives and destinies of almost 20 million residents are hinged on the bill.

According to him, it is not surprising that the expectations of the people are high, they want to to know what is in the budget for them, so that they can make plans and projections for the coming year.

Highlighting some challenges which require urgent attention, he emphatically mentioned the deplorable state of roads in spite of the huge investment and painstaking efforts the administration has made.

http://www.vanguardngr.com/2012/11/fashola-presents-n497bn-2013-budget/