Fidelity bank card banner Emerald Energy Institute Camano banner

Lagos 2018 budget may hit N1trn — Commissioner

By Folasade Adeniran and Lucy Osuizigbo on 02/05/2017

Gmail icon

Views: 1,085

•Governor Ambode.
•Governor Ambode.

The Lagos State Government on Tuesday said that its yearly budget might hit N1 trillion by 2018.

The state also plans to generate N50 billion internal revenue per month by next year.

Mr Akinyemi Ashade, the state Commissioner for Economic Planning and Budget, said this at the ongoing ministerial briefing to commemorate the second year in office of Gov. Akinwunmi Ambode.

The size of the state’s 2017 budget is N812.998 billion, while that of 2016 was N662.588 billion.

According to Ashade, to achieve the trillion naira budget, the government will adopt strategies such as aggressive growth in IGR through taxes and non-tax revenues.

He said that other strategies would include full deployment of Oracle Business Solutions to eliminate revenue leakages, sustainable fiscal balance with appropriate level of public sector borrowing and acceptable aggregate public debt.

“We shall foster a robust environment for increased private sector investments through Public-Private Partnership (PPP) initiatives and other strategies for increased Foreign Direct Investment (FDI) as initiated by Office of Overseas Affairs & Investment (Lagos Global),” he said.

Ashade said the ministry had continued to support the administration by evolving clear planning parameters to achieve the agenda of the government as adopted in the Lagos State Development Plan (LSDP) 2012-2025.

Ashade said that during the period under review, the ministry was able to manage the economy of the state through prudent and stringent management of available resources.

He said that this was to ensure its desire to meet revenue projection of N30 billion monthly in 2017 and N50 billion monthly in 2018 through improvement on the various reforms.

Ashade said that in ensuring a strict implementation of the 2017 budget, government had resolved to continue to ensure tighter control of recurrent expenditure.

“This is to free up funds for the capital proceeds, while still maintaining periodic review of performance through the quarterly budget,” he said.

Ashade said the state government had also developed the State-wide Monitoring and Evaluation policy to ensure accountability, effective service delivery and success reporting.

He said that once this policy became operational, project monitoring activities would be intensified to ensure that the people got value for money they spent. (NAN)

Source News Express

Posted 02/05/2017 9:40:54 PM





You may also like...
Buhari disagrees with APC leadership, backs court option...

BLOODY SUNDAY: Boko Haram wastes innocent students

Boko Haram closes in on Gulak (Adamawa), loses...

My wish for Nigeria, By Friday Olokor

Dino Melaye crying wolf about arrest: Police

12-year-old boy wins at NAF 10 Km Walk/Jog/Run...

Vote-buying: APGA urges traditional rulers in Anambra to...

Plateau alerts on new attack strategy by insurgents...

CEPEJ condemns xenophobia in South Africa, urges AU...

Sallah: Sultan urges Muslims to look for new...

Treasury looters keep money in forests, graveyard

Killers of Ondo Anglican Church Bursar will be...


Latest News Apprehension as Military Commander disappears in Kaduna CAN raises alarm over quit notice to church Police declares notorious armed robber wanted in Imo Buhari is incompetent, has dragged Nigeria into dungeon of poverty — Sheikh Gumi FG seeks fresh $2.5bn World Bank loan War Theatre bans NGO over alleged sabotage, connivance with Boko Haram Support to education better than lavish burials, naming ceremonies — Obi Nigerian bags six life sentences, 129 years’ imprisonment for human trafficking in South Africa Why we dialogue with bandits — IGP Ebonyi indigenes kick against Umahi’s airport Cult clashes: Curfew imposed on parts of Delta Xenophobia: Imo tops list of second batch of returnees from South Africa


Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (542,101 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (443,661 views) Shameless Genevieve Nnaji exposes breasts in public (390,086 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (327,059 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (295,171 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (253,908 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (250,131 views) 10 cars more expensive than Jets (238,786 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (231,829 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (217,818 views) Lagos plane crash: Journalist releases victims’ names (196,155 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (193,715 views)


CBN milk production

CBN banner advert

UBA Wise Savers Promo


Categories Advertorials (3) African Press Organisation (81) Art & Literature (102) Business & Economy (4,453) Business Verdict (80) Columnists (1,112) Complaints & Requests (96) Enterprise & Opportunities (215) Entertainment (664) Features (813) Global Business Monitor (443) ICT Monitor (63) International (3,965) Interview (203) Live Commentary (30) Love Matters (170) Maggie's Blog (414) News (51,519) Opinion (1,360) Pidgin (17) Politics (11,455) Religion (1,102) Sports (2,171) Stock Watch (39) AMA & Al Jazeera Global Update







APO Group Partner




GOCOP Accredited Member

GOCOP Accredited member



Africa Media Agency and Al Jazeera