Let me start by welcoming everybody to this epoch-making event in the life of this administration, the signing into Law of our first Full-Year Budget.
Today, being the first working day of 2016 marks the signing into Law “the Peoples Budget” of N662.588billion. The 2016 Appropriation Law is our article of faith with Lagosians and has been tailored towards the realization of our mission of delivering on our promise of “Lagos Works for all” no matter your Age, Gender, Tribe or Status.
The Y2016 budget of N662.588bn will enable our government focus on the present challenges of security, traffic gridlock resolution including physical and social infrastructural development which has thrown up new challenges quite different from our past experience.
The total revenue estimated for 2016 fiscal year is N542.873Billion which shows that the balance of N119.714billion will be funded through deficit financing.
The Capital Expenditure is N386,933bn and Recurrent Expenditure of N275,655bn with an aggregate Capital to Recurrent ratio of 58:42.
I want to recognize the expeditious attention given to the passage of this Bill into Law by Honourable Members of the Lagos State House of Assembly under the dynamic leadership of our Speaker, Rt. Hon. Mudashiru Ajayi Obasa. This is no mean feat considering the long hours spent and meticulous scrutiny provided on this Budget by the House Committee on Appropriation.
We recognize that this period is very challenging, considering the dwindling Federal Allocations due to falling crude oil prices. However, ours is a budget that will be driven by Internally Generated Revenue.
Consequently, I appeal to all Tax Payers to fulfil their civic obligations as we promise to leave no stone unturned in delivering value for every Kobo spent.
In conclusion, I will commend this Budget to all Lagosians and enjoin them to continue collaborating with us in building the Lagos of our dreams.
Thank you and God bless Lagos State.
Have a great Year ahead.
Itesiwaju Ipinle Eko lo je wa l’ogun!!!
Governor of Lagos State
4th January, 2016