In line with the ongoing InsideMainland series focusing on the 2018 budget of the Local Government Areas and Local Council Development Areas in Lagos Mainland, the team in this edition has done a proper breakdown of the 2018 budget of Somolu Local Government for the 2018 fiscal year.
The local government led by Hon. Abdul Hamed Salawu, recently presented the budget worth to the Somolu LG legislative tagging it as “Budget of Sustainable Growth”.
The budget according to Hon, Salawu: “is a budget that will inspire us to a greater height in the year”.
Hon. Salawu in his speech also noted that the budget presented will be the highest so far to be announced by any previous administration of the local government adding that all stakeholders must “all stand as a formidable team in realization and achievement of this growth.”
The total budget for the 2018 fiscal year is pegged at N2,312,317,061.46 with the recurrent and capital expenditures put at N1,517,784,750.37 and N794,532,311.09 respectively. The recurrent expenditure as a percentage of total budget is 65.64% while capital Expenditure as a percentage of total budget is 34.36%.
Below is the highlights of the 2018 budget of Somolu Local Government.
Total Budget: N2,312,317,061.46
Recurrent Expenditure: N1,517,784,750.37
Capital Expenditure: N794,532,311.09
Recurrent Expenditure as a percentage of total budget: 65.64%
Capital Expenditure as a percentage of total budget: 34,36%
– Personnel Cost (Staff): N352,492,400.20
– Personnel Cost (Teachers): N507,723,888.74
– Overhead Cost: N657,568,461.43
– Primary Health Care Reforms
– Education support services for Primary Schools
– Infrastructural Development and Renewal
– Environmental Waste Management and Services
– Empowerment and Social Services
– Improve Internal Revenue Generation