Governor Babatunde Fashola of Lagos State, yesterday, presented a
budget estimate of N485.292 billion for 2012 to the State House of
Assembly for ratification, saying his administration’s purpose and
commitment towards delivering the greatest good to the greatest number
of citizens of the state remains unchanged.
The amount which, according to the Governor, is being proposed in
consideration of the prevailing economic climate, exceeds by 7.66 per
cent the 2011 budget estimate which stood at N445.180 billion.
 |
| presenting 2012 Budget to the members of the Lagos State House of Assembly yesterday Photo by Bunmi Azeez “]
Gov.Babatunde Fashola of Lagos State [SAN
|
As has been the hallmark of the present administration since
inception in 2007, Capital Expenditure again took the lion share with
N257.821 billion which represents an increase of N30.351 billion over
Recurrent Expenditure which stood at N227.470.
However,
Capital to Recurrent ratio for 2012 is lower than that of the previous
year standing at 53.47 as against 56.44 in 2011, an occurrence which the
governor explained was “dictated by recent wage increases and also
partly informed by the emerging recurrent costs of maintaining and
staffing the various infrastructure projects we have embarked upon over
the years that are now being put to use such as new schools, new
hospitals, new water works, skill centres and so on.”
Details of capital expenditure for 2012 showed that a total of
N222.868 billion will be spent on core capital while capital development
(dedicated) will take N21.920 billions. Other areas of expenditure,
according to the estimate, are Special Expenditure which will take N6
billion, Grants which will take N3.468 billion, Counterpart Funding
which is expected to consume N3.465 and Risk Retention Fund with the
least amount of N0.100 billion.
Source: Vanguard Newspaper
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