Home Economy Fashola presents N497.3 bn Budget for 2013

Fashola presents N497.3 bn Budget for 2013

by Business News Report

Gov. Babatunde Fashola of Lagos State on Wednesday presented a budget of N497.3 billion to the State Assembly for the year 2013. The estimates represent an increase of 1.08 per cent, compared with the 2012 figure of N491.9 billion. The capital to recurrent ratio of the budget is 54:46 per cent, as against the 53:47 per cent in 2012. The deficit financing requirement proposed in the budget is N40.537bn which is 0.3 per cent of the state’s Gross Domestic Product (GDP), compared to the 1.19 per cent for 2012.
Capital Receipts for the 2013 budget is put at N22.912bn and is made up of: Grants, N3bn; Investment Income, N0.332bn and Other Capital Receipts, N19.580bn. The capital expenditure of N268.364bn consists of: Core Capital, N237.209bn; Capital Development (Dedicated), N19.580bn; Grants, N3bn; Counterpart Funding, N2.5bn; Special Expenditure, 5bn, Risk Retention Fund, N0.075bn and Contingency Reserve of N1bn.
The sector allocation of the budget in size and percentage are: General Public Service, N114.076bn (22.94 per cent); Public Order and Safety, N18.799bn (3.78 per cent); Economic Affairs, N156.273bn (31.43 per cent); Environmental Protection, N44.131bn (8.87 per cent). Others are; Housing and Community Amenities N46.149bn (9.28 per cent); Health N42.498bn (8.55 per cent); Recreation, Culture and Religion N5.749bn (1.16 per cent); Education N64.343bn (12.94 per cent); Social Protection N3.259bn (0.66 per cent); and Contingency N2.000bn (0.44 per cent). Fashola said that all hands must be on deck to ensure that the proposed bill, when approved, was implemented to impact meaningfully on the lives of the citizens.
He explained that the 2012 budget recorded a remarkable achievement. He also said that the government was working toward improving the budget performance in the fourth quarter. The governor stated that the 2013 budget represented 54 per cent of capital expenditure and 46 per cent recurrent expenditure, as against 53 percent and 47 percent for the year 2012.
“Also, there would be N6.992 bn Overheads; Dedicated Expenditure: N21.753 bn; Subvention: N31.892bn; Debt Charges External: N.069bn, and Debt Bond of N15.938bn,’’ he said. Fashola also stated that the Capital Receipt for the fiscal year would be N22.192bn, while Capital Expenditure would gulp N268.64bn. He said the state had defined the core aspects of its administration with the acronym (PATH)- Power, Agriculture, Transportation and Housing.

Fashola said that the state government had planned to install 141 transformers in 40 communities in the entire state before the end of the year. The governor also promised that the ongoing light up project, in which not less than 36 streets had been taken care of, would benefit from more street lights “as the year gradually comes to an end”. He said the state government had taken a bold step on agriculture, by acquiring 75 hectares of land in Badagry for rice, and for job initiative.
Fashola also said that the state would collaborate with Ogun government to acquire additional land ”which is bigger than the entire Lagos State”—for agriculture.
“We have made giant leaps in agriculture, in spite of our challenges. The Imota Rice Mill is a project that is doing fine, providing food and jobs for our people.’’ He said that the state government had achieved tremendously in the area of transportation.
“The Public Works Corporation (PWC) has done tremendously well by repairing 593 roads in the last one year. It is equivalent of 104.47 km, while a total of 390 roads have been constructed in the last one year,’’ he said. Fashola advised those people who opposed the Traffic Law to embrace change, because the rewards were many even if they could not see them today. The law is the critical driver of our economy in the state.’’ On housing, the governor said that apart from the already constructed houses for the people, 15 more sites were also being planned for.
He said that the housing projects were cited in Ilupeju, Mushin, Alimosho, Ogba, Igando and Surulere. On sports, Fashola said that 15, 000 athletes would be participating in the National Sport Festival (NSF), tagged “Eko 2012’’. The governor said that the event would bring about an increase in trade and tourism. The event would facilitate trade, tourism and exhibit our unmatchable hospitality in the state,’’ the governor said.
Mr Adeyemi Ikuforiji, the Speaker of the House, said that the governor had done well for the state in the last five years of his being in office. “I commend your resilient nature, you work assiduously for the state and put the state on the world map as far as good governance and democratic experience is concerned,’’ he said. He described the governor as dependable, conscientious and insightful. The Speaker however, advised the governor to brace up for more challenges, as shown in the recent development.
“This is no time for you to rest on your oars as Lagos residents’ hope must be kept alive. May I urge you to use your unique position to address the challenges of our deplorable roads. It is believed that democracy should translate to good roads,’’ he said. The lawmaker also advised the governor to pay attention to the deplorable state of education, youth unemployment and dwindling value system. He said that the budget proposal would be carefully scrutinised, to meet the expectations of the people. “We will scrutinise it with an eagle eye, and give prompt and comprehensive attention.’’

Related Posts

Leave a Comment