Lagos State Governor Akinwunmi Ambode esterday presented a budget proposal of N852.316bn to the State House of Assembly for 2019.
He said the proposal was carefully prepared to be all-encompassing and dedicated to complete major ongoing projects in the State.
A breakdown of the budget shows that N462.757bbn, representing 54 percent of the budget, was for capital expenditure, and N389.560bn, representing 46 percent, for recurrent expenditure.
Ambode said the performance of the 2018 budget of N1.046 trillion as of November 2018 stood at 60 percent owing to reduction in revenue projections; while the total revenue stood at N530.192bn.
“In preparing the year 2019 budget, we were very mindful of the out-going year performance, the yearnings of our people and the fact that we are going into an election year.
“The projected total revenue for 2019 is ₦775.231bn of which ₦606.291bn is expected to be generated internally, ₦168.940bn is expected from federal transfers; while a total of ₦77.086bn will be sourced through deficit financing within our medium term expenditure framework,” he said.
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