At the commencement of this administration, we began a journey with the people of Lagos with a promise to make the State work for all. We undertook this journey with great hope for tomorrow. We set forth not alone, but with the Almighty who has been faithful and very generous to us as a State in spite of the present economic situation we have found ourselves as a Nation.<\/p>\n

On behalf of all the people of Lagos State, I wish to commend the Honourable Speaker and all Honourable members of this hallowed chamber for their unrelenting strides in growing and developing the economy of the State and being worthy ambassadors of our people.<\/p>\n

The Year 2016 budget of N662.588bn was approved and signed into Law on January 4th, 2016 to focus on the expectations and priorities of our people. As at the end of October, 2016, the overall performance of the budgetwas 71%. Total revenue stood at N350bn\/77.5% while Capital Expenditure closed at N200bn\/62%and the Recurrent Expenditure performed at N180bn\/82%.<\/p>\n

As you are all well aware, we shall continue to render our performance\/activities through in our Quarterly Town Hall Meetings in which the last Three meetings showcased all our activities in all sectors.<\/p>\n

<\/p>\n

It is my strong belief that by the end of this year; there would have been more improvements in the performance indices due to our strong investment in infrastructure. It is worthy to note also that the reforms and restructuring in the Public Service have continued to yield positive and encouraging results as we continue to invest the resultant savings in othereconomic sectors of the State.<\/p>\n

Mr. Speaker, Honorable Members, Distinguished Ladies and Gentlemen, \u201cThe People\u2019s\u201d budget of 2016 has positively impacted the lives of Lagosians and I am confident that the year 2017 budget will consolidate on our modest achievements and propel our State to enviable heights.<\/p>\n

The Year 2017 Budget will be in effect at anauspicious time when our State will be celebrating its Golden Jubilee Anniversary.The proposed budget with a size of N812.998billion will continue the massive renewal of our infrastructure and the enhancement of Lagos as one of the foremost tourism and investment destination in Africa.<\/strong><\/p>\n

While we focus on physical infrastructure, we shall continue to pay due attention to social infrastructure especially health, education, youth and social development in 2017.<\/p>\n

\u00a0<\/strong>The key components of \u201cThe Golden Jubilee Budget\u201dare:<\/p>\n

Budget Size \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 –\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 N813bn<\/strong><\/p>\n

Recurrent\u00a0\u00a0 Expenditure \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 – \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 N300.535bn<\/strong><\/p>\n

Capital\u00a0\u00a0\u00a0 Expenditure\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 – \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 N512.464bn<\/strong><\/p>\n

Capital\/Recurrent ratio\u00a0\u00a0 \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 – \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 63:37 <\/strong><\/p>\n

We have maintained a conservative approach in estimating our Federal Allocation due to falling oil prices that was about$41.98<\/strong>per barrel at the time we finalized this budget; however the State expects an increase in Federal allocation through 13% derivation from Oil & Gas in 2017.<\/p>\n

In view of our financing gap, we shall continue to sustain deficit financing in the short-to-medium term; enhance revenue growth throughout the year on several initiatives including automation and efficient revenue administration.<\/p>\n

We would explore more collaborations with local and international investors through Public-Private Partnerships (PPP) especially in the areas of Road network expansion,Transport;Housing, and the Environment.<\/p>\n

<\/p>\n

The sectoral allocations as proposed in this budget will be distilled further by the Commissioner of Finance later today.<\/p>\n

We will equally continue implementing the ease of doing business reforms \u2013 starting a business, property registration, tax payment, e-GIS\/ Smart \u00a0Cityproject,continue to encourage investments in Lekki Free Trade Zone (FTZ), Badagry Deep Sea port and the Eko Atlantic project.<\/p>\n

We will remain steadfast in our responsibility to make the State safe and secure for all our citizens.We will continue to invest in Security. The NeighbourhoodSafety Agency will become fully operational by 2017 with presence in all our Local Governments and LCDAs.<\/p>\n

\u00a0<\/strong>A key focus of the budget for the 2017 is road construction, rehabilitation and maintenance. Our government will focus on roads that will open up the hinterlands, improve connectivity in the State and reduce travel time. Some of these projects will include:<\/p>\n

\n
• Murtala Mohammed International Airport Road from Oshodi.<\/li>\n
• Agric-Isawo-Owotu-ArepoRoad in Ikorodu<\/li>\n
• Igbe-Igbogbo Phase II- Bola Tinubu Way in Ikorodu.<\/li>\n
• IjegunImore Phase II Amuwo in Ojo axis.<\/li>\n
• Oke-Oso-Araga-Poka in Epe.<\/li>\n
• Epe-Poka-Mojoda in the Epe axis.<\/li>\n
• Completion of the Abule-Egba, Ajah and Pen Cinema flyovers.<\/li>\n<\/ul>\n

  Our administration shall enter into PPPs for the following projects;<\/p>\n

  \n
  • Oke Oso-Itoikindualisation Project in the Epe axis.<\/li>\n
  • Okokomaiko-Seme Road Project in Badagry axis<\/li>\n
  • Ikorodu-Agbowa-Itoikin-Ijebu Ode Road Project in Ikorodu axis<\/li>\n<\/ul>\n

    We will commence the Phase II of the 114 Local Government Roads project and the Fourth Mainland Bridge in 2017.<\/p>\n

    In the course of the 2017 Financial Year, we shall carry out fundamental reforms on all our modes of transportation \u2013 Roads, Water and the Walkways. In this wise, a Public Transport Infrastructure Bond will be issued in the course of the year.<\/p>\n

    The State government will embark on the Urbanisation of the Marina axis, Waterways Channelization, establishment of more Parks and Gardens as well as the Community SportsCentres and Stadiums in different locations across the State.<\/p>\n

    We will fully implement the Medical Health Insurance Scheme and deploy e-Health\/ e-insurance Health Service solutions; and complete the on-going upgrading and extension work in the State General Hospitals and Ayinke House in Ikeja. Work will commence on our Medical Park in the 2017 fiscal year.<\/p>\n

    <\/p>\n

    With the aim of making Lagos State the next technology frontier in Africa, we will invest in Digital Libraries (e-Libraries) as well as Code Lagos projects to prepare our younger ones to meet the new workforcedemands, harness the benefits of technology and communicate in the language of the future.<\/p>\n

    Our administration is committed to various projects in the area of Tourism. Our vision is to create a Tourism Hub around the Onikan-Lagos Marina Axis. We will also develop the Epe and Badagry marinas to harness the tourism potentials of these areas. We will establish Museum for Art and Culture in Ikeja, construct 5 Arts\/Culture theatres in Alimosho,Badagry, Epe, Ikorodu and Ikeja with a 400-seater hall in each of them.<\/p>\n

    We will accelerate the food expansion programme with a special focus on rice production, animal husbandry and root crops. We will intensify our collaboration with other States in the development of a commodity Value Chain specifically for food commodities. We will invest more to boost fish production in the State, by improving the production capacity of Ayobo Fish Farm Estate in Alimosho area in addition to providing employment opportunities for the youths.<\/p>\n

    The Employment Trust Fund has commenced financial support to our youths and entrepreneurs and this will be intensified throughout next year.<\/p>\n

    In the area of environment, we will improve water supply through Public Private Partnership (PPP) and increase the capacity utilization of water treatment plants, ensure efficient waste management system by increasing the number of Transfer Loading Stations from three (3) to fifteen (15), mitigate the effect of climate change through the conservation of the natural environment and promotion of biodiversity, as well as minimizing flood through effective erosion control.<\/p>\n

    <\/p>\n

    Mr. Speaker, Honorable Members, Distinguished Guests, Ladies and Gentlemen, in our bid to ensure that Lagos works for all, we have presented an all-inclusive budget. However, we are constrained by rising inflation as well as limited financial resources.<\/p>\n

    Weseek the cooperation and understanding of all residents in prompt payment of taxes and for the information of our citizens, the State Government has embarked on extensive revenue collection reforms.We will soon introducemore effective multi-pay channels to improve the administration and collection of Revenue. Our Central Billing System and efforts to fully automate revenue collection for ease of payment have reached an advanced stage.<\/p>\n

    The successful implementation of this budget\u00a0 \u00a0depends on all Lagosians. We all have a huge responsibility to ensure that it succeeds as we cannot just afford to fail even at this critical period of economic recession.<\/p>\n

    As we approach the end of the year, we implore all citizens to be conscious of their environment and take all preventive measures as appropriate. We will continue to ask for your support at all times as we continue to build the Lagos that works for all.<\/p>\n

    I wish you all, a prosperous and more fulfilling Year ahead.<\/p>\n","protected":false},"excerpt":{"rendered":"

    At the commencement of this administration, we began a journey with the people of Lagos with a promise to make the State work for all. We undertook this journey with great hope for tomorrow. We set forth not alone, but with the Almighty who has been faithful and very generous to us as a State […]<\/p>\n","protected":false},"author":1,"featured_media":15196,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[47,48,4,5,55,58,60,61,65,66,69,70,71,72],"tags":[],"class_list":["post-15187","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-announcement","category-civil-service","category-economy","category-education","category-governance","category-human-capital-development","category-infrastructural-development","category-leadership","category-politics-and-issues","category-power-and-energy","category-security","category-sports","category-tourism-and-leisure","category-transportation"],"_links":{"self":[{"href":"https:\/\/akinwunmiambode.com\/wp-json\/wp\/v2\/posts\/15187","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/akinwunmiambode.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/akinwunmiambode.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/akinwunmiambode.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/akinwunmiambode.com\/wp-json\/wp\/v2\/comments?post=15187"}],"version-history":[{"count":0,"href":"https:\/\/akinwunmiambode.com\/wp-json\/wp\/v2\/posts\/15187\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/akinwunmiambode.com\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/akinwunmiambode.com\/wp-json\/wp\/v2\/media?parent=15187"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/akinwunmiambode.com\/wp-json\/wp\/v2\/categories?post=15187"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/akinwunmiambode.com\/wp-json\/wp\/v2\/tags?post=15187"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}