Few hours ago, the Lagos State House of Assembly passed the much anticipated 2017 State ‘Golden Jubilee’ budget into law.
This development was as a result of the conclusion reached by the legislators weeks after Governor Akinwunmi Ambode presented the budget quoted in the sum of N812.99 billion for approval by the Assembly on November 29, 2016.
Prior to approving the appropriation bill, the House had on Dec. 1, 2016, after receiving the budget, directed all its standing committees to invite all Ministries, Departments and Agencies to defend their budgets.
Consequently, the House passed the sum of N305.28 billion as total Recurrent Expenditure and N507.82 billion as the total Capital Expenditure for the Year ending Dec. 31, 2017. The passage followed the House’s adoption of the report and recommendations by its Committee on Budget and Economic Planning presented by the Chairman of the Committee, Hon. Rotimi Olowo.
Speaking on the budget that coincides with the State’s 50th Anniversary, Ambode said “it would focus on physical infrastructure, while social sectors especially health, education, youth and social development will be given adequate attention.”
He further stressed that “road construction, rehabilitation and maintenance will be key focuses of the budget, with efforts geared towards roads that will open up the hinterlands, improve connectivity in the State and reduce travel time.”
Now that the budget has been passed into law ahead of the commencement of the 2017 Financial year, underlisted are some of the key elements Lagosians should look out for in the ‘Golden Jubilee budget’.
1. Murtala Mohammed International Airport Road from Oshodi
2. Agric-Isawo-Owotu-Arepo Road in Ikorodu
3. Igbe-Igbogbo Phase II- Bola Tinubu Way in Ikorodu
4. Ijegun Imore Phase II Amuwo in Ojo axis
5. Oke-Oso-Araga-Poka in Epe
6. Epe-Poka-Mojoda in the Epe axis
7. Completion of the Abule-Egba, Ajah and Pen Cinema flyovers.
8. Phase II of the 114 Local Government Roads project
9. Construction of the Fourth Mainland Bridge will also kick off in 2017.
Ambode’s administration will engage in Public Private Partnership (PPP) to execute some road projects including:
11. Oke Oso-Itoikin dualisation Project in the Epe axis
12. Okokomaiko-Seme Road Project in Badagry axis
13. Ikorodu-Agbowa-Itoikin-Ijebu Ode Road Project in Ikorodu axis
Speaking on the allocations made for transport projects, Ambode said, “In the course of the 2017 Financial Year, we shall carry out fundamental reforms on all our modes of transportation – Roads, Water and the Walkways. In this wise, a Public Transport Infrastructure Bond will be issued in the course of the year.
“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 Sports Centres and Stadiums in different locations across the State.”
Lagos state plans to 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 also commence on our Medical Park in the 2017 fiscal year, Ambode said.
Lagos state plans to make the rich pay more by embarking on ‘progressive taxation’ which would bring more people into the tax net.
On the revenue expected from federal allocation, the Governor said a conservative approach will be adopted owing to the falling oil prices, which according to him, was about $41.98 per barrel at the time of finalising the budget.
He, however, expressed optimism that the state’s federal allocation will increase through the 13 percent derivation from Oil & Gas in 2017.