The Lagos State governor, Mr. Akinwunmi Ambode on Monday presented a 2018 budget estimate of N1,046,121,181,680 before the Lagos State House of Assembly.
The projected budget size is One Trillion, Forty-six Billion, One Hundred and Twenty-one Million, One Hundred and Eighty-one Thousand, Six Hundred and Eighty naira.
Tagged Budget of Progress and Development, the appropriation bill
has a recurrent expenditure of N347bn and a capital expenditure of N699bn.
This Budget proposal represents an increase of 28.67 percent over the N813 billion presented by the Lagos governor in 2017.
Newsworth recalls that the Cross River State Governor, Prof. Ben Ayade, had over a week ago attained a new first by presenting a budget estimate of N1.3trn for the 2018 fiscal year to the state House of Assembly.
According to him, 70 per cent of the appropriation bill is for capital expenditure, while 30 is for recurrent expenditure. That was the first time a state in the country would be proposing an annual budget of over a trillion naira.