Ambode Signs 2018 Budget into Law, Targets N897bn IGR

budget
  • Ambode Signs 2018 Budget into Law, Targets N897bn IGR

Two and half months after he presented the 2018 appropriation bill before the House of Assembly, Lagos State Governor, Mr. Akinwunmi Ambode, on Monday signed the bill into law with a plan to rake in N897 billion internally generated revenue (IGR).

Ambode equally assented to the state Transport Sector Law, 2018, and Teaching Service Commission Law, 2018, which according to him, would bring about efficient management and maintenance of education transport infrastructure in the state.

He assented to the three laws at the State House, Alausa alongside the Commissioner for Economic Planning and Budget, Mr. Olusegun Banjo, and his finance counterpart, Mr. Akinyemi Ashade, among others.

After signing the appropriation law, Banjo gave insight into the budget, noting that the state government planned to spend N699.082 billion as capital expenditure and N347.039 billion as recurrent expenditure.

He disclosed that the capital expenditure would be devoted to construct Agege Pen Cinema flyover; complete the on-going Oshodi-Airport road; redevelop Eti-Osa-Lekki-Epe expressway; construct eight-kilometre regional road to connect Victoria Garden City (VGC) and Freedom Road in Lekki Phase I among others.

At the budget presentation, the governor had pledged to complete all ongoing projects as well as initiate new ones “to consolidate the achievement he had recorded in the last two and half years.”

He said the budget would be used to consolidate on the achievements recorded in infrastructure, education, transportation/traffic management, security and health sectors, among others.

Aside the appropriation he signed into law yesterday, the governor equally signed the State Consolidated Transport Sector Bill, 2018 and the Teaching Service Commission Bill, 2018 into laws.

The transport law provides for the development of a sustainable transport system in the state as well as the management and maintenance of transport infrastructure and facilities within the state.

The law also regulates the provision of an efficient transport delivery system and ensures availability of a safe and affordable transportation system. It is hoped that with this law, an efficient integrated transport management system will evolve in the state.

On the other hand, the teaching service commission law provides for the control and management of teaching service matters in the state and for connected purposes.

The law regulates and co-ordinates the management of teaching service matters and provides uniform guidelines for the effective management of post-primary schools in the state.

About the Author

Samed Olukoya
CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya; Email: [email protected]

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