Lagos State Governor, Mr. Akinwunmi Ambode, Monday presented an appropriation bill of N1.046 trillion to the state House of Assembly for the 2018 fiscal year, which he christened the budget of progress and development.
Ambode, who addressed stakeholders at the budget presentation in captains of industry, civil society actors, political leaders and traditional among others, disclosed that the budget represented an increase of 28.67 per cent compared to what he proposed under the 2017 fiscal year.
Although he put the stateâ€™s debt burden at N874.38 billion borrowed under different administrations in the last three decades, Ambode noted that it was inappropriate â€œto conclude that Lagos State has a high debt burden when situated within the context of infrastructure development and growth enjoyed presently by the stateâ€.
He presented details of the stateâ€™s 2018 fiscal plan at the Chambers of the State House of Assembly, Alausa, assuring Lagosians that when eventually approved, the budget would be used â€œto consolidate on infrastructure, education, transportation/traffic management, security and healthâ€.
He added that his administration â€œwill place emphasis on mandatory capacity building for civil servants, all teachers in public schools, officers in the health service sector and women and youth empowerment alongside our Medium and Small/Micro Size Entrepreneurs (MSMSE)â€.