Ambode Signs N812.998 Billion Year 2017 Budget Into Law

Ambode Signs N812.998 Billion Year 2017 Budget Into Law

Lagos State Governor, Mr. Akinwumi Ambode on Monday signed N812.998 billion year 2017 budget into law.
Ambode, who signed the budget at the Lagos State House Ikeja, expressed optimism that the economy of the country will bounce back this year to bring the nation out of recession.
The newly signed budget represents N150.41 billion increases from N662.588 billion year 2016 budget. The budget Capital Expenditure is estimated at N507.816billion while Recurrent Expenditure is N305.182bn.
He explained that the year 2017 budget will consolidate on the modest milestones recorded, adding that focus will be on key area of Infrastructure, economic, social/ security and sustainable environment.
According to him, “We are optimistic on the recovery of our national economy this year. We are encouraged by the budget performance of last year (2016) which stood at 78 percent
“Our government is committed to prudent financial management and equitable allocation of resources for the general good and will ensure proper fiscal discipline in the implementation of this Appropriation Law.”
Ambode called for residents’ cooperation through prompt tax payment in order to ensure successful implementation of the budget.
“We encourage all tax payers to continue in this spirit and also take advantage of available multi-pay channels in fulfilling their civic obligations. Do not pay to touts or illegal channels. Make sure your tax payments count.”
Also speaking, the state Commissioner for Finance, Economic Planning and Budget, Mr. Akinyemi Ashade, who gave the budget breakdown, said the total revenue is estimated at N642.848billion with a deficit financing of N170.151billion
He explained that a total of N476.309 billion representing 74 percent of the total revenue will be generated internally, while N166.539 billion representing 26 percent is expected from federal transfer including the 13 percent derivation.
Ashade said Lagos State Inland Revenue Service LIRS is expected to generate a total sum of N360billion equivalent to 75 percent of the total internal generated revenue while adding that N170.151billion deficit will be funded through a N100billion bond issuance program and a combination of internal and external loans.
“We intend to scale up the current two percent revenue GDP ratio to five percent in 2017 and also bring in more people from the informal sector into the tax net as well as adoption of an automated single billing system.
“We shall maintain zero tolerance to incidence of under declaration of income by tax payers in accordance with relevance laws,” he said.