Lagos State Governor, Mr. Babatunde Fashola, yesterday signed the 2015 budget of N489.69 billion into law.

The event took place at the State House, Marina in Lagos. This is the first time the governor will sign the budget into law outside the office and in an unofficial period.

Fashola said he had to fast-forward the event originally slated for Monday to enable him attend a national meeting fixed for tomorrow in Abuja by the All Progressives Congress, (APC) so that Ministries, Departments and Agencies (MDAs) could continue with their work while he is in Abuja.

He added: “We are a government that is open to plan. Part of the planning is for government to set the budget for the beginning of the year. Lagos is the second state to sign the document after Ogun State, which is also an APC State.

“When we presented the budget, there were financial challenges but as you know, our revenue has been based largely on our common contribution. That is how we build our common wealth here.

“We need to be innovative, inventive and hard-working and that is what we have given in the last eight years and we won’t give anything less with the support of the people of Lagos. They are owners of this government and all of its service delivery programmes, and I think as difficult and challenging as the revenue issue may be, we will consolidate and finish as many possible projects as we can.”

Commissioner for Economic Planning and Budget, Ben Akabueze, said the oil fall in the international market had been factored into the budget and hoped that the price would rise as the year progressed.

He, however, noted that over 70 percent of the state’s budget was sourced through Internally Generated Revenue (IGR) because the oil fall would not affect the budget sharply.

The budget size of N489.69 billion is the same as that of 2014, but with a slight difference in the Capital to Recurrent ratio. In 2014, the Capital to Recurrent ratio stood at 52:48. The 2015 budget proposal has a Capital to Recurrent ratio of 51:49.

•Sourced from Daily Sun. Photo shows Governor Fashola.

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